Ethereum Surges 4% Past $1,574, Bullish Sentiment Grows

Ethereum has surged past the critical $1,574 support level, reaching prices above $1,600. This milestone has ignited optimism among investors and analysts, who are now speculating about an impending bull run for the cryptocurrency. Over the past 48 hours, Ethereum has gained over 4%, breaking out of a tight consolidation zone between $1,548 and $1,599. Currently, Ethereum is trading around $1,642, with bullish sentiments growing for the coin.

Renowned crypto analyst Ali Martinez highlighted the significance of the $1,574 level, noting that this price represents a significant demand area where approximately 5.48 million ETH tokens are held by 2.83 million addresses at an average price of $1,574. Martinez explained that if this demand zone holds, the next major resistance stands at $1,810. The renewed buying interest around this support level reflects a shift in market sentiment, coming after weeks of bearish pressure. Analysts believe that if Ethereum can maintain its position above $1,574, it could set the stage for a bull run towards the next resistance zone near $1,800.

The $1,810 resistance level is being forecasted as a key obstacle for Ethereum's recovery. This zone contains 1.61 million ETH tokens held by 3.2 million addresses. Many of these holders are currently ‘out of money’, which makes this a potential sell zone. If the selloff occurs, it could slow down Ethereum’s growth. Market analyst Crypto Patel added that Ethereum might be entering Wyckoff Phase D – a stage often characterized by sustained upward momentum. Patel projected aggressive targets of $5,000 in case the Ethereum bull run follows through with the pattern.

For now, holding above $1,600 is critical to sustain the bulls. A breakout above $1,810 could confirm a trend reversal and pave the way for higher highs for the Ethereum price. Ethereum commenced trading yesterday at $1,564. The range from the previous day continued to dictate ETH’s price movements as ETH fell to the $1,545 support in the first few hours. With the RSI pointing at oversold conditions, a trend reversal followed. At 3:00 UTC, Ethereum started to go up, breaching $1,600 by 8:00 UTC. Soon, the correction arrived, leading ETH to find support at $1,590. A 4-hour trading range followed, lasting until noon.

Half an hour later, a golden cross emerged on the MACD as the Ethereum price ascended rapidly to $1,665. Ethereum continued to test the resistance but failed to break out, facing a correction to $1,629. The coin soon found support at $1,637. At 1:30 UTC on April 13, Ethereum finally faced a reversal, going on a downtrend to the $1,600 mark. As of the last update, Ethereum faced another downtrend after testing the resistance, leading it to the verge of $1,600.

The Ethereum recovery has been strong. In the past week, it has gained remarkably and has held on to key levels. The downtrend that Ethereum faces right now looks like a temporary setback on a much broader uptrend. So, if the bulls play their part, Ethereum may soon form a clear uptrend. It is also worth noticing that the RSI is also in the overbought area, so a recovery from there could be just the boost Ethereum needs to get back to the $1,665 resistance.