- Ethereum spiked to $1,690 before encountering selling pressure, sliding under $1,000 support levels to demonstrate reduced bullish strength.
- ETH is resisting at $1,590; breaking past this mark would see prices rise towards $1,640 or $1,650.
- Trading at present at $1,577, Ethereum is down by 1.76%, with experts anticipating breaking through or another correction.
Ethereum (ETH) formed a strong base above $1,550 before initiating a notable upward move. Mirroring Bitcoin’s recent momentum, ETH surged past key resistance levels at $1,600 and $1,620. This bullish action pushed the token beyond the $1,650 threshold, with the price eventually peaking at around $1,690.
Following the sharp increase, Ethereum faced a wave of selling pressure and began correcting its gains. The asset dipped below the $1,600 support level, showing signs of weakening bullish strength. Additionally, a new connecting bullish trend line with support at $1,625 was breached, signaling possible short-term bearish sentiment.
Market analyst Ali Marteniz noticed that ETH is growing stronger after breaking out of an ascending triangle pattern. The bullish chart pattern shows that buyer demand is strong and likely to continue to rise if volume is maintained. Higher lows are forming, which increases pressure upwards.
Ethereum Hits Resistance Around $1,590
The ETH price retraced to the 50% level of the rise from the swing bottom at $1,472 to the recent high at $1,690. It is now below both the $1,625 price mark and the 100-hour Simple Moving Average, which means that the bull momentum is no longer in short-term dominance.
On the up side, Ethereum faces considerable resistance near $1,590, which is a technical hurdle and psychological level. If there is buying to push past that mark, targets are then at $1,640 and then at $1,650. A confirmed break over $1,650 will trigger another push, which could send prices again to the recent high at $1,690.
Ethereum is at $1,577 as of April 16, 2025, decreasing 3.32% in 12-hour trading. Following an intra-day high of $1,690, ETH faced minor selling pressure to give rise to the pull-back. Experts are keeping an eye out for indications of either a clear break through to levels higher than $1,690 or a sustained correction to lower supports.
Ethereum (ETH) has re-entered a multi-year bearish range, now hovering near its midpoint—a critical area with no immediate bullish signals. According to a recent tweet by @brarno882, if buyers fail to step in soon, a drop below $1,000 could be imminent. Market attention is now focused on the range low, with the potential for either a bounce or a further breakdown.
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