Ethereum Trading Above $1,600 as Key Support Level Emerges
Ethereum is currently trading above $1,600 after experiencing significant volatility due to uncertainty in global trade policies. The cryptocurrency is attempting to stabilize following aggressive selling pressure.
Key points include:
- Current price of Ethereum is above $1,600 with a critical support level at $1,546.55, where over 822,440 ETH were accumulated.
- Ethereum has increased by more than 20% since last Wednesday's low of $1,380.
- Bulls are aiming for a breakout but need to reclaim the $1,875 resistance level to confirm a bullish recovery.
- Recent market optimism was sparked by US President Trump's 90-day tariff pause announcement for countries except China.
- Caution remains as macroeconomic conditions continue to affect market sentiment.
- The $1,600 level serves as a psychological threshold; maintaining this level is crucial for bulls.
- Failure to break above $1,875 could lead to retesting the $1,500 support zone.
Market momentum and geopolitical developments will heavily influence Ethereum's next moves.
