Ethereum Faces Pullback. After recently establishing a strong basis above $1,550, Ethereum (ETH) seems poised for a clear climb. Following the positive momentum of Bitcoin, ETH broke past important resistance levels at $1,600 and $1,620, rising to a new high of almost $1,690.
Quick Highlights:
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Resistance Broken: ETH surged past $1,600 and $1,620
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Local Peak: Reached ~$1,690 before correcting
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Current Price: $1,577 as of April 16, 2025
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Short-Term Trend: Bearish momentum emerging
Pullback Begins After Peak at $1,690
Intense selling pressure ETH faced following the spike set off a correction. Hinting at declining purchasing vigor, the price dropped below the $1,600 support and broke through a bullish trendline at $1,525.
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The price retraced to the 50% Fibonacci level, measuring the move from $1,472 to $1,690
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ETH is now below $1,625 and the 100-hour SMA, signaling a shift in short-term sentiment.
Analyst Insights Triangle Breakout Shows Long-Term Potential
Market researcher Ali Martenez claims that Ethereum has lately come out of an ascending triangle pattern, a traditional bullish indication. Important facts include:
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Higher lows continue forming, applying upward pressure
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Breakout strength depends on sustained trading volume
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The pattern indicates buyer demand remains strong
“Ethereum’s bullish structure remains intact, but short-term weakness could challenge the upside potential,” said Marteniz.
Key Resistance & Support Levels to Watch
Ethereum falls below important technical marks as it hangs close to $1,577. Traders should keep an eye on these:
Immediate Resistance:
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$1,590 – Psychological and technical hurdle
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$1,640–$1,650 – Next breakout zone
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$1,690 – Previous high and potential upside target
Critical Support:
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$1,550 – Key short-term floor
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$1,472 – Recent swing low
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$1,000 – Multi-year range support; a break below could trigger more considerable downside
🛑 According to @brarno882 on X, failure to hold the mid-range level could push ETH below $1,000 — a zone not seen since early 2023.
Market Outlook: Consolidation or Breakdown?
Reaching a multi-year negative range, Ethereum price analysis is currently trading close to its middle point. The lack of significant positive signals raises questions about whether Ethereum’s price analysis can maintain its present levels or if another drop is likely.
What to watch next:
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Volume levels near $1,590
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Bounce potential at $1,550
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Market-wide sentiment from BTC and macro trends
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