Ethereum (ETH) is testing a crucial support level at $1,546 as bulls attempt to defend the $1,600 psychological threshold amid heightened market volatility. The second-largest cryptocurrency has shown resilience despite macroeconomic headwinds, with on-chain metrics revealing a potential springboard for recovery.
Key Support Level Could Trigger ETH Recovery
According to Glassnode data, Ethereum’s most critical support sits at $1,546.55 – a level where whales have accumulated over 822,440 ETH. This substantial buying zone could serve as a foundation for a potential bounce, especially given that recent policy shifts around US tariffs have injected fresh optimism into crypto markets.
Technical Analysis Points to $1,875 Target
ETH has surged over 20% from recent lows, currently trading at $1,630. For a confirmed bullish reversal, prices must reclaim the critical $1,875 resistance – a zone aligning with both the 4-hour 200-day moving average and EMA. This level’s importance is amplified as it coincides with previous support-turned-resistance levels.
On-Chain Metrics Show Accumulation
Whale activity suggests strong hands are accumulating ETH at current levels. The recent accumulation of 822,440 ETH at the $1,546 support zone indicates institutional confidence in Ethereum’s long-term prospects. This pattern often precedes significant price movements, as seen in previous market cycles.
Market Outlook and Key Levels to Watch
Bulls must defend the $1,600 psychological level while pushing toward $1,875 for a confirmed trend reversal. Failure to hold current support could trigger a retest of the $1,500 zone. The next 48-72 hours will be crucial for determining Ethereum’s short-term trajectory.
Frequently Asked Questions
Q: What is the key support level for Ethereum?
A: The critical support level sits at $1,546.55, where whales have accumulated over 822,440 ETH.
Q: What price must ETH reach for a bullish reversal?
A: ETH needs to break above $1,875 to confirm a bullish reversal, as this level aligns with key technical indicators.
Q: How much has ETH recovered from recent lows?
A: Ethereum has gained over 20% since hitting lows near $1,380 last Wednesday.