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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Is The Storm Over For Ethereum? Analyst Says ‘Face-Melting’ Rally Comes Next

Rubmar Garcia
Rubmar Garcia
1 month ago
3 mins read
Ethereum, ETH, Crypto

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Created by industry experts and meticulously reviewed
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Ethereum (ETH) continues to hold a crucial support level after recovering from last week’s correction. Its recent bounce from historical demand zones has led some analysts to suggest that the altcoin is gearing up for a breakout.

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1 month ago

Ethereum Holds Key Support

Ethereum has reclaimed the key $1,600 level after dropping below the $1,400 support for the first time since 2023. The second-largest cryptocurrency by market capitalization recently fell to a two-year low during last week’s correction, fueled by US President Donald Trump’s trade tariff war.

ETH touched $1,385 last Wednesday, retesting the 2018 all-time high (ATH) levels before recovering. Amid Trump’s 90-day tariff pause announcement, Ethereum jumped over 10% from $1,480 to $1,600, briefly nearing the $1,700 resistance. However, its price retraced to the $1,400-$1,500 support zone on Thursday amid the market’s volatility.

Over the weekend, the King of Altcoins recovered, hovering between the $1,580-$1,680 price range for the past four days. Ethereum has reclaimed the $1,600 support in the past 24 hours, fueling a bullish sentiment among some market watchers.

Analyst Ted Pillows noted that ETH might be getting closer to a breakout from its short-term downtrend line. According to him, investors could expect the cryptocurrency to hold the $1,550-$1,600 level now that global markets are gaining some strength.

Ethereum
ETH nears its one-month downtrend line. Source: Ted Pillows on X

He considers holding this range could propel Ethereum’s price toward the one-month downtrend line. A breakout and confirmation of this resistance, at around $1,670, could set the base for a 20% jump toward the $2,000 resistance level.

Is ETH Out Of The Woods?

Merlijn The Trader suggested that ETH is gearing up for a breakout. The market watcher pointed out the cryptocurrency’s two-month descending channel, which could be “history” if volume surges.

The analyst considers that as Ethereum nears the channel’s upper boundary, “all we need now is volume” for a surge above the $1,690 mark, adding that a breakout from this level would target $2,700.

He also underscored that ETH’s double top formation was completed after “smashing” the $1,432 target, signaling that it “survived the storm.” Notably, the cryptocurrency confirmed this pattern, which developed within its $2,196-$3,904 Macro Range, following its March close below the $2,100 support.

After recovering from the recent lows, “Now comes the face-melting rally no one expects. $4,000 is only the beginning.”

Meanwhile, Rekt Capital highlighted that Ethereum’s Dominance has almost equaled old All-Time Lows. He explained that since June 2023, ETH’s Dominance has dropped from 20% to 8%, historically a reverse area for the cryptocurrency.

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Ethereum Rally May Unleash Massive Gains For 3 Altcoins

1 month ago

“Generally, Ethereum Dominance needs to hold this green area for a chance at reversal Increasing ETH Dominance would be highly beneficial for Altcoin valuations over time,” he noted Monday.

When the ETH Dominance hit the $7.5%-8.25% range, it reversed “to become more market-dominant,” which could signal a reversal for the King of Altcoins.

As of this writing, ETH trades at $1,609, a 1% decrease in the daily timeframe.

Ethereum, Eth, ethusdt
Ethereum’s performance in the one-week chart. Source: ETHUSDT on TradingView
Featured Image from Unsplash.com, Chart from TradingView.com
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Rubmar Garcia
Rubmar Garcia

Rubmar Garcia

Rubmar is a writer and translator who has been a crypto enthusiast for the past four years. Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology.

Read more

From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations.

In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn’t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored.

At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money.

After the failure of her home country’s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education.

Moreover, the peculiar nature of the crypto community sparked Rubmar’s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies ­–or her favorite memes.

In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school’s marching band.

She also has a passion for learning new languages and cultures, having set the goal to learn another six languages ­– currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats –hers or stray.

In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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