What to know:
- Ethereum has gained 1.95% in the last 24 hours and closed at $1,580.68 with $19.35 billion daily trading volume.
- Analysts consider $1,690 as an important support level, and $1,830-$1,850 is a significant target for bulls.
- According to Elliott Wave Theory and SMC analysis, there is possibility of short-term recovery.
Ethereum price is showing signs of recovery after rebounding from recent lows, although analysts remain divided on whether the move marks the beginning of a sustained rally or only a temporary bounce before another decline.
Currently, Ethereum (ETH) is trading at $1,580.68. In the last 24 hours, the digital currency rose by 1.95%. ETH has a daily trading volume of $19.35 billion with a market capitalization of $190.76 billion, accounting for 9.17% of the total crypto market capitalization.
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Ethereum Wave 4 Recovery Outlook
Crypto analyst More Crypto Online highlighted in X post that the Ethereum price reached a new low on Friday and has completed the formation of the third bearish wave. Therefore, the current recovery rally might be interpreted as a wave 4 recovery, which usually precedes the resumption of a bigger bearish trend. Although short-term prospects have become better, the analysts are still describing the market as bearish.
If the main scenario is realized, the price of Ethereum will rise towards the initial resistance zone between $1,605 and $1,668. Then, if buyers succeed in surpassing the previous zone, the further resistance levels will be in the range of $1,823 and $2,224. Nevertheless, analysts are sure that the current market move is still considered to be corrective rather than the start of a stronger uptrend.
Ethereum SMC Signals Bullish Recovery
Adding another perspective, Smart Money Concepts (SMC) analysis points to improving short-term market structure. Analysts observed that ETH briefly moved below previous lows before quickly recovering from the $1,670-$1,690 demand zone. Such price action is often viewed as a liquidity sweep, where selling pressure is absorbed before buyers regain control.
Starting from that recovery, Ethereum price has formed a chain of higher lows which indicates gradual increase of buying interest. The move above the $1,735-$1,755 resistance zone will reinforce the positive setup and increase the probability of future gains for ETH. Based on SMC analysis, the significant targets are $1,750 and $1,800 in turn, with the major target between $1,830 and $1,850.
The same analysts reported that the previous long position resulted in around 780 points because the cryptocurrency rose from $1,700 to $1,778 before falling. At the moment, ETH has returned to the $1,680-$1,690 demand zone, which could be watched for the signs of another buyout by buyers.
If buying interest holds again, analysts believe Ethereum price could resume its advance toward the $1,830-$1,850 target zone.
Ethereum Price Tests Key Support
The coming sessions may prove important for Ethereum’s short-term direction. A successful break above nearby resistance could improve market confidence and attract additional buying interest. The failure to hold the support zones will mean that the current rally is just a short-term bounce before another price drop.
For investors and traders, the upcoming move of the Ethereum price will mean something more important. As the second-largest cryptocurrency, its performance will influence the sentiment of decentralized finance, altcoins, and the whole crypto market.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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