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Ethereum Attempts Breakout FromDowntrend, Can It Hold $1,600?
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Ethereum Attempts Breakout From Multi-Month Downtrend, But Can ETH Hold $1,600?

Rubmar Garcia
Rubmar Garcia
1 month ago
3 mins read
Ethereum, ETH, Crypto

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Amid the latest market recovery, Ethereum (ETH) attempted to break out from its multi-month downtrend, leading some market watchers to suggest that a new rally could start soon. However, as price struggles to hold the $1,600 level as support, the cryptocurrency risks losing recent momentum.

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Ethereum Enters Historic Buy Zone As Price Dips Below Key Level – Insights

1 month ago

Ethereum Breakout Eyes Key Resistance

On Easter Sunday, the crypto market saw a positive end-of-week after jumping 4.2%. Bitcoin (BTC) closed the week above the $85,000 barrier for the first time this month, while Ethereum surged 5.4% to attempt to reclaim the $1,600 resistance for the third time in the past seven days.

ETH closed the week around the $1,640 mark before climbing to $1,658 during Monday’s early hours. Amid this performance, the cryptocurrency attempted to break out of its multi-month downtrend for the first time.

Crypto analyst Ted Pillows highlighted that Ethereum broke out of its descending resistance on Monday morning. According to the post, the cryptocurrency has been in a downtrend in the one-day chart since early February, retesting the trendline thrice over the past few months, but always being rejected.

ethereum, eth, ethusdt
ETH retests multi-month downtrend. Source. Ted Pillows on X

Its latest rejection from the descending resistance sent the cryptocurrency below the $1,700 mark, which fueled the bearish sentiment brewing toward ETH. The start-of-April retraces, driven by the ongoing tariff war between the US and China, further sent Ethereum to lower levels, hitting its two-year low below $1,400 and retesting the 2018 highs.

The analyst noted that ETH could rally toward $2,000 during April’s last leg if the cryptocurrency holds the $1,600 support, which it hasn’t been able to do for most of the month.

Is The ETH Bottom Close?

Analyst Carl Runefelt also highlighted ETH’s downtrend breakout, affirming that it “might go absolutely parabolic starting from here.” According to Runefelt, the resistance breakout eyes the $3,000 mark, which was lost during the February retraces.

However, Ethereum has lost its short-term momentum, retracing its 24-hour gains in the past few hours. Its price dropped below the $1,600 mark into the key $1,500 support level, trading around the $1,570-$1,580 price range.

This retracement could hint that ETH’s recovery failed to gain strength, risking a drop to the current level’s lows. However, a bounce from this zone to hold the $1,650 mark could confirm the breakout and propel the cryptocurrency’s price toward $1,700-$1,800 resistance.

Analyst Ali Martinez considers that ETH’s new rally won’t start again until it breaks through the $2,330 supply wall, where over 12.6 million addresses purchased around 68-63 million ETH.

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XRP Wyckoff Pattern Maps Bullish Run To $3.70 This Summer

1 month ago

Meanwhile, another market watcher suggested that Ethereum’s trading pair against Bitcoin is “the only chart to look at right now.” Crypto Fella affirmed that the bottom of the ETH/BTC chart is close, as it has reached its lowest level since 2020.

Per the chart, the last time ETH/BTC dropped below the 0.022 mark, it hovered between the 0.016-0.022 zone for some months before bouncing toward its late-2021 high.

As of this writing, Ethereum trades at $1,571, a 1% decline in the daily timeframe.

ethereum, eth, ethusdt
Ethereum’s performance in the one-week chart. Source: ETHUSDT on TradingView
Featured Image from Unsplash.com, Chart from TradingView.com
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Rubmar Garcia
Rubmar Garcia

Rubmar Garcia

Rubmar is a writer and translator who has been a crypto enthusiast for the past four years. Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology.

Read more

From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations.

In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn’t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored.

At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money.

After the failure of her home country’s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education.

Moreover, the peculiar nature of the crypto community sparked Rubmar’s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies ­–or her favorite memes.

In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school’s marching band.

She also has a passion for learning new languages and cultures, having set the goal to learn another six languages ­– currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats –hers or stray.

In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.

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Reason to trust

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