Ethereum (ETH) price is showing resilience despite recent selling pressure around the $1,650 level. After a brief surge, ETH failed to maintain upward momentum and fell below $1,600, but continues to hold above critical support levels. The second-largest cryptocurrency by market capitalization is demonstrating bullish technical patterns that suggest potential for higher moves if key resistance levels can be overcome.
ETH recently attempted to break through the $1,650 zone but encountered strong selling pressure. This led to a pullback, with the price dropping below $1,600 and the 100-hourly Simple Moving Average.
A low was formed at $1,564, and since then, the price has been consolidating near the 23.6% Fibonacci retracement level of the downward move from the $1,655 swing high.
Ethereum is currently trading below both the $1,600 level and the 100-hourly Simple Moving Average, indicating short-term bearish pressure. The hourly MACD is gaining momentum in the bearish zone, while the RSI remains below the 50 zone.
The price action shows a break below a short-term contracting triangle with support at $1,595 on the hourly chart. This technical development suggests continued consolidation in the near term.
Key Support and Resistance Levels
On the upside, Ethereum faces immediate resistance near the $1,600 level. The next key resistance is around $1,610, coinciding with the 50% Fibonacci retracement level of the recent downward move.
The first major resistance is near $1,620. A clear break above this level could send ETH toward the $1,650 resistance zone. If buyers can push the price above $1,650, Ethereum could target the $1,720 level or even extend to $1,800.
On the downside, initial support sits near the $1,565 level, with major support at $1,550. If this level fails to hold, ETH could decline toward $1,500, with further support at $1,450 and $1,420.
As long as Ethereum maintains support above $1,550, the bullish structure remains intact. This support zone has served as a key cushion in recent sessions and remains the focal point for short-term bullish sentiment.
Bullish Predictions from Analysts
Despite current consolidation, several crypto analysts maintain bullish outlooks on Ethereum’s price. Analyst Incognito has predicted that ETH could rally to as high as $2,700 as its Wyckoff accumulation phase nears completion.
According to Incognito, if support holds, ETH should see a breakout of the falling wedge pattern. The target for this pattern is $2,499, with a secondary target of $2,700.
Another analyst, Ali Martinez, noted that the TD Sequential just flashed a buy signal for Ethereum, hinting at a potential shift in momentum. Martinez suggests that ETH needs to break through the supply wall at $2,330 to initiate a new bull rally.
Titan of Crypto believes Ethereum may have already bottomed or is in the process of bottoming out. His analysis shows ETH progressing within a giant ascending channel on the macro chart, with potential to rally to $4,200 following a bullish reversal.
Analyst Hardy shares a similar view, noting that ETH’s weekly candle close was bullish and indicates a potential reversal at key support levels. His projections suggest Ethereum could rally to $4,300.
Long-Term Outlook
On longer timescales, Ethereum maintains a bullish structure despite recent dips. With increasing institutional interest in ETH-based applications, the outlook for 2025 remains primarily optimistic.
Crypto analyst Crypto Patel has made one of the most bullish predictions, suggesting ETH could reach between $6,000 and $8,000 by the end of the year.
Volume has remained relatively stable during recent price action, showing neither panic selling nor euphoric buying. This suggests a market in a wait-and-see mode, potentially gathering strength before the next move.
Ethereum maintains strong fundamentals, including upcoming network upgrades on its roadmap and renewed investor interest following Bitcoin’s halving.
While ETH may face short-term selling pressure, the bigger picture remains intact. As long as it holds above $1,550 and eventually reclaims the $1,620 resistance, the forecast continues to favor bulls.
A decisive move above the $1,650 mark could reinvigorate confidence in the market, supporting the argument that the current resistance level is not insurmountable.
Current momentum suggests ETH is far from losing its long-term shine, though both technical and macroeconomic forces will continue to influence its price action in the coming months.
At the time of writing, Ethereum is trading at around $1,639, up approximately 2% in the last 24 hours.
