The price of Ethereum is declining, testing the $1,550–1,600 support key.
After being rejected at the $1,688 resistance level, Ethereum has experienced a minor decline. Important resistance levels that restrict possible upward movement are also presented by the 50-day Simple Moving Average (SMA) and a declining trendline from March 23. If Ethereum can maintain these levels as support, there may be a significant comeback.
Regarding the downside, the $1,450–$1,550 support zone is crucial. According to Glassnode data, more than 1.2 million ETH were bought during the last time ETH prices hit this level, when bulls were able to outnumber bears.
Ethereum Targets $2K on $1,670 Break
Solomon Geta, a market analyst, highlighted Ethereum’s retest of key support levels. He claims that the price can level off between $1,550 and $1,600. Ethereum may be ready for further price gains as international markets strengthen. Traders and investors are closely monitoring the levels in anticipation of a breakout.
Based on ETH’s price behavior, a breach from the $1,670 barrier might lead to a rise to the $2,000 mark. Experts and investors are keeping a close eye on the market because a break out of the barrier could signal a bullish trend.
Even though they survived the last market cycle, long-term holders are now liquidating their holdings, according to Lookonchain statistics.
Some big investors are rapidly expanding their purchases, while others are reducing their holdings. One notable recent case included an investor who had previously purchased 1,160 ETH at higher prices and then sold it for a $2.6 million loss. However, another group of big holders just acquired 77,000 ETH valued at $125 million, according to a CryptoGoos analyst.
IncomeSharks cautioned traders against purchasing falls and instead to take profits on rallies. He expressed personal remorse for not making money during the previous rallies, emphasizing that it is better to make money during price rallies rather than to keep accumulating. Diverse analysts have differing opinions regarding Ethereum’s prospects.
Based on the consistent support of the Bitcoin 1-week 50 EMA, CrypNuevo believes that ETH is poised for a bullish rise. CrypNuevo made large spot purchases between $1,700 and $1,550 in the hopes that ETH would follow Bitcoin’s path. Based on solid levels of support, growing momentum, and encouraging weekly trends, analyst Belle is optimistic about Ethereum’s future.
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