Ethereum (ETH) Price: Has the Crypto Giant Found Its Bottom Yet?

TLDR

Table of Contents

Ethereum (ETH) has rallied 18% from previous weekly lows but may not have bottomed yet
Key resistance level at $1,630 remains a hurdle for ETH bulls to overcome
ETH price is currently trading below $1,600 and the 100-hourly Simple Moving Average
Major support levels to watch include $1,575, $1,280-$1,160, and $890-$715
Upcoming macroeconomic events could introduce more volatility in ETH price

Ethereum has shown signs of recovery with an 18% rally from its previous weekly low. The second-largest cryptocurrency by market cap is currently trading below $1,600 as traders debate whether ETH has reached its bottom or if more downside is expected.

The recent price action comes as the broader crypto market experiences heightened volatility due to macroeconomic factors. Investors are closely watching key resistance and support levels to determine ETH’s next move.

Key Resistance Levels Pose Challenge

On the weekly chart, Ethereum is facing a major hurdle at the $1,630 mark. This level represents the highest volume traded since February 2021 and stands as a critical resistance that bulls need to flip into support. As long as ETH remains below this threshold, the likelihood of further price depreciation remains on the table.

The 1-hour chart shows that Ethereum is trading below the 100-hourly Simple Moving Average. A bearish trend line has formed with resistance near $1,640.

The next key resistance lies at $1,665. If ETH can break above this level, it could open the path toward $1,680, followed by $1,720. A move beyond $1,720 might trigger further gains, potentially pushing the price toward $1,750 or even $1,800.

However, failure to clear these resistance zones could lead to more downside pressure.

Support Levels To Watch

For traders looking at downside protection, several key support levels exist. The immediate support sits near $1,600, with a major level at $1,575.

A break below $1,575 could push ETH toward $1,550, with further support at $1,520. The $1,480 zone represents another important level to monitor.

Looking at the bigger picture, the intermediate demand zone between $1,280 and $1,160 could absorb selling pressure if reached. This area formed in December 2022 and previously led to a 40% price increase over three to four weeks without pullbacks.

The absolute key support extends from $890 to $715, representing a weekly buy-side imbalance that has historically led to strong bounces.

Technical Indicators Provide Mixed Signals

The Relative Strength Index (RSI) on the weekly timeframe has not yet reached oversold territory. Historically, major rallies for Ethereum have begun after the RSI enters oversold conditions, suggesting that further downside may be possible before a sustained recovery.

On the hourly chart, the MACD for ETH/USD is losing momentum in the bullish zone, while the hourly RSI remains above the 50 level, indicating some underlying strength.

ETH formed a base above $1,500 before starting its recent upward move. The price surged above $1,550 and $1,580 resistance levels, even reaching a high of $1,668 before entering a downside correction.

The price retraced below the 23.6% Fibonacci level of the upward move from the $1,482 swing low to the $1,668 high. This pullback is typical after such a rally and might present a buying opportunity if support holds.

For now, the outlook for Ethereum price remains neutral to bearish in the short term. However, a break above key resistance levels could change this perspective quickly.

The upcoming weeks will be crucial for ETH as the market digests key economic data and central bank comments. Two major events—Fed Chair Powell’s speech and the March inflation announcement—could introduce fresh volatility.

Traders should remain cautious due to uncertain macroeconomic conditions, including trade tensions between the US and China under the Trump administration, which have affected both stock and crypto markets.

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