Ethereum's Price Drops 5% After Surpassing $1,800

Coin WorldThursday, Apr 24, 2025 11:27 pm ET
1min read

Ethereum's price has recently surged past the $1,720 resistance level, indicating a bullish trend. However, the cryptocurrency is now experiencing a correction, with analysts focusing on key support levels. Ethereum has been trading above $1,700 and the 100-hourly Simple Moving Average, but a bearish trend line is forming with resistance at $1,780 on the hourly chart of ETH/USD.

Ethereum's price has shown stability above the $1,680 level and has recently increased, similar to Bitcoin. The cryptocurrency traded above the $1,720 and $1,750 levels, with bulls pushing the price above $1,800. A high was formed at $1,834, but the price has since started a downside correction, moving below the 23.6% Fib retracement level of the upward move from the $1,565 swing low to the $1,834 high. The price even dipped below the $1,780 level.

On the upside, Ethereum's price is facing hurdles near the $1,780 level and the trend line. The next key resistance is near the $1,800 level, with the first major resistance near the $1,840 level. A clear move above the $1,840 resistance might send the price toward the $1,920 resistance. An upside break above the $1,920 resistance might call for more gains in the coming sessions, with Ether potentially rising toward the $1,950 resistance zone or even $2,000 in the near term.

If Ethereum fails to clear the $1,780 resistance, it could start a fresh decline. Initial support on the downside is near the $1,725 level, with the first major support sitting near the $1,700 zone and the 50% Fib retracement level of the upward move from the $1,565 swing low to the $1,834 high. A clear move below the $1,700 support might push the price toward the $1,650 support, with any more losses potentially sending the price toward the $1,620 support level in the near term. The next key support sits at $1,550.

Technical indicators suggest that the MACD for ETH/USD is losing momentum in the bullish zone, while the RSI for ETH/USD is now below the 50 zone. The major support level is at $1,700, with the major resistance level at $1,800. Analysts are closely monitoring these levels to gauge the potential direction of Ethereum's price in the coming days.

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