Ethereum Price Hits Last H1 Support, Major Resistance Looms Ahead

Ethereum’s price rises 12.3% over the past week, breaking through key resistance levels. Currently, it faces significant resistance at $1,800 and support at $1,590, $1,654, and $1,703. The outlook remains bullish while these supports hold, but a drop below $1,654 could shift sentiment to neutral or bearish.

Ethereum has made headlines recently, increasing by a noteworthy 12.3% over the past week. The second-largest cryptocurrency displayed strong resilience, thanks in part to a noticeable uptrend that took off after a sharp recovery from $1,550 that started on Tuesday. At this point, Ethereum is in a critical technical phase, having retested the resistance level of $1,799, now facing its last intraday support zone. A push beyond $1,800 could pave the way towards $1,840 and further highs.

Over the last few days, Ethereum managed to break through three significant resistance levels that had resisted its price movements for large parts of April. These notable resistance points were at $1,590, $1,654, and $1,703, as observed in the hourly candlestick chart on TradingView. After these breakouts, Ethereum maintained its upwards momentum until it hit a tougher barricade approaching the $1,800 mark. Following a brief moment of hitting this zone, the price slipped back to about $1,730, where it found new support and began climbing again.

Looking ahead, the resistance at $1,800 is crucial for Ethereum if it harbours ambitions to close above the $2,000 mark before the month comes to a close. It’s worth noting, though, even if the price doesn’t reach such heights, the sentiment remains bullish as long as it holds above these recently broken resistance points, which have shifted to support on the hourly timeline.

As for the overall outlook, Ethereum is likely to remain bullish if levels at $1,590, $1,654, and $1,703 hold as reliable support zones. The first level, at $1,703, is expected to attract early participants but it carries higher risks and could easily be broken. Below this lies the more critical level at $1,654, evident on the 4-hour chart. This is deemed a medium-risk area, potentially spurring a rebound if tested, and crucial for sustaining a bullish outlook.

The most robust support seems to be at $1,590 which presents a lower-risk re-entry option for traders, offering a better risk-to-reward ratio. Some professionals might see this as an opportunity for accumulation. As long as Ethereum stays above $1,703, the uptrend is valid. However, a confirmed break below $1,654 would lead to a shift in sentiment towards neutral or even bearish. Conversely, closing above $1,800 could send the price surging towards $1,840 or possibly even higher.