Ethereum shows potential for recovery to $ 1600

The price of Ethereum BTC $85,819.59 Bitcoin 1.23% Market capitalization $1.7 trillion VOL. 24 hours $1.87 billion has stabilized near the level of $ 1675. After reaching a local high of $ 1,668, the cryptocurrency experienced a short-term correction, but retains the potential for further growth if it can overcome several key resistance levels.

The current technical situation of Ethereum shows moderate buyer activity. According to analysts, the coin’s price maintains a support base around $ 1575, which coincides with the 50% Fibonacci retracement level of the previous growth. This means that the $ 1575−1600 zone is currently an important barrier for the bears.

The chart shows the formation of a downward trend line with resistance at $ 1640. If Ethereum manages to gain a foothold above this level, the next key barrier will be $ 1665. In case of a successful breakout, the potential target level for further growth could be $ 1720 or even $ 1800 in the coming sessions.

However, if it fails to overcome the resistance, the price may correct downward again. The nearest support is at $ 1575, followed by $ 1550 and $ 1520. A more significant decline could lead to a retest of the zone around $ 1480, where the previous low was.

Indicators are showing mixed signals: The MACD is losing momentum in the bullish zone, and the RSI remains above 50, which indicates a certain advantage for buyers. However, without a breakout of the key supports, the price of the ether may remain in the range or go for a temporary correction.