Ethereum Attempts Major Horizontal Reclaim at $1,750 Amid Market Volatility
Ethereum Price Update
Ethereum is currently trading above $1,700, with bulls aiming to reclaim higher levels. Key points include:
- ETH gained over 32% from a local low of $1,383.
- Current focus is on the $1,750 level, previously a horizontal support.
- A successful retest could signal a trend reversal and further price appreciation.
Analysts highlight that a sustained move above $1,750 is crucial for bullish momentum. If Ethereum can maintain this level, it could lead to a broader rally across altcoins.
Market Sentiment and Geopolitical Factors
Macroeconomic tensions, particularly between the US and China, are influencing investor sentiment. Key considerations include:
- Ongoing trade disputes may dampen risk appetite.
- A diplomatic breakthrough could enhance market positioning in risk assets.
Technical Indicators
Ethereum is holding above the 4-hour 200 EMA, indicating potential strength. Maintaining prices above $1,700 is essential to avoid triggering additional selling pressure. The next target is reclaiming the $2,000 level, which could signify a significant shift in market sentiment.
If ETH fails to hold above $1,700, it risks dropping to the $1,500 level, reinforcing bearish trends and delaying recovery prospects.
