Ethereum Reclaims $1,574 Support, Eyes $1,810 Resistance

Ethereum has recently reclaimed a key support level at $1,574, marking a significant milestone in its price trajectory. This support level, which ranges between $1,547 and $1,595, has been identified as a critical demand zone where approximately 5.48 million ETH are held by 2.83 million addresses at an average purchase price of $1,574. The resurgence in buying activity around this price region indicates a considerable trading volume, which is essential for sustaining the current bullish momentum.

Renowned crypto analyst Ali Martinez has highlighted the potential next price target for Ethereum, which is a strong resistance zone between $1,791.11 and $1,838.86. This area contains 1.61 million ETH held by 3.2 million addresses at an average price of $1,810. The red visualization of this zone suggests that many of these investors are "out of the money" and are likely to sell once prices recover, offering a potentially significant resistance to Ethereum’s ongoing rebound.

If Ethereum bulls can surge past this resistance level, it could confirm a trend reversal for the altcoin following a consistent decline since it hit the $4,000 price zone in December 2024. The current market sentiment remains largely cautious, with 56.7% of ETH addresses being "in the money," representing 8.3 million ETH worth about $13.24 billion. In contrast, 41.99% (6.14 million ETH) of holders are "out of the money," and only 191,830 ETH (1.31% of total volume) is considered "at the money," signaling minimal congestion around the current price level.

At the time of writing, Ethereum continues to trade at $1,642, showing signs of resilience following its recent breakout. However, the price decline of 8.50% in the last week and the 13.08% decrease in daily trading volume indicate a waning market interest, which could be potentially harmful to the ongoing price rally. The efficiency of digital assets in terms of storing and transferring value has drawn attention, with advocates believing that cryptocurrency can improve the digitalization and transparency of existing financial systems.