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In the middle of the last resumption of the market, Ethereum (ETH) tried to break its downward trend of several months, which led some market observers to suggest that a new rally could start soon. However, while Price has trouble maintaining the level of $ 1,600 as a support, cryptocurrency may lose a recent momentum.
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Ethereum Breakout Eyes Resistance Key
On Easter Sunday, the cryptography market saw a positive weekend after jumping 4.2%. Bitcoin (BTC) closed the week above the barrier of $ 85,000 for the first time this month, while Ethereum jumped 5.4% to try to recover the resistance of $ 1,600 for the third time in the last seven days.
ETH closed the week around the $ 1,640 bar before moving to $ 1,658 during the first hours on Monday. In the middle of this performance, cryptocurrency tried to get out of its downward trend of several months for the first time.
Crypto analyst Ted Oreil stressed that Ethereum left his resistance down on Monday morning. According to the post, cryptocurrency is in a downward trend in the graph of a day since early February, releasing the trend line three times in recent months, but still rejected.
His latest rejection of the descending resistance sent the cryptocurrency below the bar of $ 1,700, which fueled the lowering feeling by preparing for ETH. Returities at the start of progress, fired by the current pricing war between the United States and China, also sent Ethereum to lower levels, reaching its two years below $ 1,400 and retains the 2018 summits.
The analyst noted that the ETH could rally at $ 2,000 in the last stage in April if the cryptocurrency holds the support of $ 1,600, which he could not do for most of the month.
Is the ETH background near?
Analyst Carl Runefelt also highlighted the rupture of the downward tendency of Eth, saying that he “could become absolutely parabolic from here”. According to Runefelt, resistance to resistance looks at the $ 3,000 bar, which was lost during the February retroces.
However, Ethereum has lost its short -term momentum, retraced its 24 -hour earnings in the last hours. Its price dropped below the $ 1,600 bar in the key support of $ 1,500, trading around the price range from $ 1,570 to $ 1,580.
This retrace could suggest that the recovery of the ETH failed to gain in force, risking a drop in the stockings of the current level. However, a rebound in this area to contain the bar of $ 1,650 could confirm the break and propel the price of the cryptocurrency at $ 1,700 to $ 1,800.
Analyst Ali Martinez considers that the new ETH rally will not start again before it allows the supply wall of $ 2,330, where more than 12.6 million addresses bought around 68 to 63 million ETH.
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Meanwhile, another market observer suggested that Ethereum’s trading pair against Bitcoin is “the only graphic to look at at the moment”. Crypto Fella said that the bottom of the ETH / BTC table is near, because it has reached its lowest level since 2020.
According to the graph, the last time that ETH / BTC fell below the mark of 0.022, it oscillated between the area of 0.016-022 for a few months before rebounding towards its end 2021.
To date, Ethereum is negotiated at $ 1,571, a 1% drop in the daily deadline.
Star image of Unsplash.com, tradingView.com graphic
