Ethereum Recovers Key Support Level, Analysts Anticipate Potential Rally
Ethereum (ETH) Market Update
Ethereum has stabilized after last week's correction, reclaiming the $1,600 support level. Key developments include:
- ETH dropped below $1,400 for the first time in 2023 but rebounded to $1,600 after US President Trump's tariff pause announcement.
- The price hit a low of $1,385 before rising over 10% to approach $1,700 resistance.
- Currently, ETH trades between $1,580 and $1,680, having recently reclaimed the $1,600 mark.
- Analyst Ted Pillows suggests that holding the $1,550-$1,600 range may lead to a breakout towards $2,000 if it surpasses the $1,670 resistance.
- Merlijn The Trader points out a potential breakout as ETH nears the upper boundary of a two-month descending channel, with volume needed to push above $1,690.
- Rekt Capital notes Ethereum's Dominance has fallen from 20% to 8%, indicating a historical reversal point, which could benefit altcoin valuations if dominance increases.
As of now, ETH is trading at $1,609, reflecting a daily decrease of 1%.
