Ethereum Attempts Breakout from Multi-Month Downtrend Amid Market Recovery

Ethereum (ETH) is attempting to break its multi-month downtrend amid market recovery. However, it struggles to maintain the $1,600 support level, risking a loss of momentum.

Market Performance Overview

On Easter Sunday, the crypto market rose 4.2%. Bitcoin (BTC) closed above $85,000.
Ethereum surged 5.4%, reaching approximately $1,640 before climbing to $1,658 on Monday.
ETH has tried to reclaim the $1,600 resistance three times in one week.

Technical Analysis

Analyst Ted Pillows noted ETH broke out of descending resistance on Monday.
Previous rejections have occurred since early February, with recent bearish sentiment pushing prices below $1,700.
ETH hit a two-year low below $1,400 due to external factors like the US-China tariff war.
If ETH holds the $1,600 support, it could rally towards $2,000; otherwise, it may drop further.

Future Outlook

Analyst Carl Runefelt suggests that a breakout could target $3,000 if momentum builds.
Current trading range is between $1,570 and $1,580 after retracing from its earlier gains.
Analyst Ali Martinez states a new rally requires breaking through the $2,330 supply wall.
ETH/BTC chart indicates potential bottoming as it reaches lows not seen since 2020.

Currently, Ethereum trades at $1,571, reflecting a 1% decline in daily performance.