TLDR
- Ethereum price is currently trading around $1,600, below the 100-hourly SMA
- ETH failed to clear the $1,650 resistance level and is now consolidating
- Technical analysis suggests ETH could recover if it clears the $1,620 resistance
- Multiple analysts predict a potential rally to $2,700 as Wyckoff accumulation nears completion
- Some analysts believe ETH has already bottomed and could reach $4,000-$8,000 by year-end
Ethereum has been showing mixed signals in recent days, with price action suggesting both challenges and opportunities for the second-largest cryptocurrency. Despite experiencing a recent pullback, many analysts remain optimistic about ETH’s future price trajectory.
Ethereum price recently began a fresh bearish move after failing to break through the $1,650 zone. The cryptocurrency is now trading below $1,600 and the 100-hourly Simple Moving Average, indicating short-term weakness.
Technical analysis shows there was a break below a short-term contracting triangle with support at $1,595 on the hourly chart. ETH subsequently tested the $1,565 zone, forming a low at $1,564.
The price is currently consolidating near the 23.6% Fibonacci retracement level of the downward move from the $1,655 swing high to the $1,564 low. This suggests a period of indecision in the market.
On the upside, Ethereum appears to be facing resistance near the $1,600 level. The next key resistance is around $1,610 and the 50% Fibonacci retracement level of the recent downward move.
Potential Recovery Scenarios
Analysts identify $1,620 as the first major resistance level. A clear move above this mark could potentially send ETH toward the $1,650 resistance, which might trigger more gains if broken.
In such a scenario, Ethereum could target the $1,720 resistance zone or even reach $1,800 in the near term, representing a significant recovery from current levels.
However, if Ethereum fails to clear the $1,620 resistance, it could face additional selling pressure. Initial support is seen near $1,565, with the first major support at $1,550.
A breakdown below $1,550 might push ETH toward $1,500, with further support at $1,450 and $1,420. These levels will be crucial in determining whether the current consolidation resolves to the upside or downside.
Bullish Long-Term Outlook
Despite short-term challenges, several crypto analysts maintain a bullish outlook for Ethereum’s price. Analyst Incognito predicts ETH could rally to as high as $2,700 as the Wyckoff accumulation pattern nears completion.
According to Incognito’s analysis, if support holds, ETH should see a breakout of the falling wedge pattern. The target for this pattern is $2,499, with a secondary target of $2,700.
The analyst did caution that this could potentially be a trap to shake out sellers, advising traders to consider taking profits at these levels.
Ethereum’s price action is likely influenced by Bitcoin’s movements, given their positive correlation. With Bitcoin attempting to reclaim the $90,000 level, ETH could potentially reach new local highs if this bullish momentum continues.
Bottom Formation Theories
Some analysts believe Ethereum may have already formed a bottom or is in the process of bottoming out. Analyst Titan of Crypto suggests that ETH is progressing within a giant ascending channel on the macro chart, with potential to rally to $4,200 following a bullish reversal.
#Ethereum Bottoming Out? 🔄#ETH is progressing within a giant ascending channel on the macro chart.
Would you believe? pic.twitter.com/5TifDhqKZL
— Titan of Crypto (@Washigorira) April 19, 2025
Similarly, analyst Hardy noted that ETH’s weekly candle close was bullish and could indicate a potential reversal at key support levels around its current price. His analysis suggests Ethereum could rally to as high as $4,300.
Even more optimistic predictions come from analyst Crypto Patel, who forecasts ETH could reach between $6,000 and $8,000 by the end of the year, which would represent a new all-time high.
As of the most recent data, Ethereum is trading at around $1,639, up nearly 2% in the last 24 hours according to CoinMarketCap.
Ethereum’s technical indicators currently show mixed signals. The hourly MACD for ETH/USD is gaining momentum in the bearish zone, while the hourly RSI remains below the 50 zone, suggesting short-term bearish sentiment.
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