Ethereum Dips 5% to $1,564, Holds Above $1,550 Support

Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has recently shown resilience despite significant selling pressure around the $1,650 mark. After a brief surge above this level, ETH failed to sustain its upward momentum and fell below $1,600. However, the overall price forecast for ETH remains cautiously optimistic due to underlying bullish technical patterns. Currently, ETH is consolidating above crucial support levels, indicating that a further rally could be on the horizon if resistance is overcome.
Following a failed attempt to break above $1,650, Ethereum is now consolidating after dipping to a local low of $1,564. The key to the ETH price forecast lies in its ability to maintain support above the $1,550 level, which has been a critical cushion in recent trading sessions. This level is pivotal for short-term bullish sentiment. The immediate resistance level for ETH stands at $1,620, which the market must overcome before considering another push toward $1,650 or beyond.
Technical indicators present a mixed outlook. The Relative Strength Index (RSI) is below the neutral 50 zone, indicating reduced buying pressure, while the hourly Moving Average Convergence Divergence (MACD) remains in bearish territory. Despite these signals, ETH has not broken the bullish structure established in earlier weeks. A successful retest and hold above $1,550 could serve as a launchpad for renewed bullish activity.
Ethereum's recent pullback from $1,655 is part of a typical short-term correction. The 50% Fibonacci retracement of the recent decline ($1,655 to $1,564) is near $1,610, a critical mid-range resistance. If this zone is reclaimed, the ETH price forecast remains valid. Surpassing $1,620 could reinstate bullish momentum, with the next targets at $1,650 and eventually $1,720. Volume has remained relatively stable, indicating a market in a wait-and-see mode. Ethereum's strong fundamentals, including the upcoming Dencun upgrade and renewed investor interest following Bitcoin’s halving, support its potential for growth.
If buyers regain control and push through, the ETH price forecast suggests a retest of $1,720 is within reach, with the potential to touch $1,800 should macro conditions remain favorable. Conversely, if bears breach $1,550, ETH could slide further to $1,500 or even $1,450, putting pressure on medium-term bulls. On longer timescales, Ethereum maintains a bullish structure despite recent dips. With increasing institutional interest in ETH-based applications, the ETH price forecast for 2025 remains mainly optimistic. Key levels to watch are $1,550 on the downside and $1,620–1,650 on the upside. If the Ethereum price resistance level is cleared, market participants may finally have an answer to whether Ethereum will go up in 2025.
Ethereum may face short-term selling pressure, but the bigger picture remains intact. As long as ETH holds above $1,550 and reclaims the $1,620 resistance, the ETH price forecast continues to favor bulls. A decisive move above the $1,650 mark could reinvigorate confidence, supporting the argument that the Ethereum price resistance level is not insurmountable. While the answer to whether Ethereum will go up in 2025 depends on both technical and macroeconomic forces, current momentum suggests ETH is far from losing its long-term shine.

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