Ethereum (ETH) has staged a remarkable 10% recovery in the past 24 hours, igniting hopes for a potential rally toward the critical $1,800 resistance level. This surge comes as President Trump’s announcement of a 90-day tariff pause catalyzes a broader crypto market rebound.
Market Recovery: From $1,385 Low to $1,600 Breakthrough
The second-largest cryptocurrency by market capitalization hit a concerning two-year low of $1,385 during this week’s correction, sparking fears among investors. This downturn saw ETH lose its crucial $2,100-$3,900 macro range support on March 9, resulting in a 16% monthly decline.
Technical Analysis Points to Potential Breakout
Several key technical indicators suggest Ethereum could be preparing for a significant move higher:
- RSI showing bullish divergence on the ETH/BTC pair
- Formation of a falling wedge pattern with potential breakout at $1,840
- Triple test of key trendline support, similar to 2021 pre-rally pattern
Critical Price Levels to Watch
For sustained bullish momentum, analysts highlight several crucial levels:
- Immediate resistance: $1,700
- Key breakout level: $1,840
- Weekly support: $1,550
- Critical demand zone: $1,480-$1,500
Expert Analysis and Market Outlook
Crypto analyst Titan of Crypto points to encouraging signs on the ETH/BTC chart, noting pattern similarities to Ethereum’s 2021 bull run. Meanwhile, trader Lluciano identifies the current price action as potentially preceding a ‘bullish reversal.’
FAQ Section
Q: What caused Ethereum’s recent price surge?
A: The 10% recovery was primarily triggered by President Trump’s announcement of a 90-day pause on trade tariffs for over 75 nations.
Q: What are the key resistance levels for ETH?
A: The immediate resistance lies at $1,700, with a crucial breakout level at $1,840.
Q: Could Ethereum return to its previous lows?
A: While possible, analysts suggest the $1,550 support level needs to hold to prevent a retest of the $1,385 lows.
Conclusion and Market Implications
As Ethereum trades at $1,566, the market appears poised for potential upside, particularly if global trade tensions continue to ease. However, traders should remain cautious and monitor key technical levels for confirmation of the bullish scenario.