In a world where hope is as rare as a unicorn on a blockchain, acclaimed cryptocurrency analyst Ali Martinez shone a spotlight on Ethereum’s (ETH) desperate journey to reclaim its glory. In a recent X post, Martinez identified two key resistance levels that ETH must conquer to confirm a bullish trend reversal. As if the daily chart wasn’t already ajay with drama, ETH is also showing signs of bullish divergence, raising a glimmer of optimism among its beleaguered holders.
While Bitcoin (BTC), Solana (SOL), and XRP have been basking in the sun, ETH has been enduring a year of misery, down 49.2%. In stark contrast, BTC has enjoyed an 18.5% gain over the same period. Martinez, ever the beacon of hope, shared the following daily chart, highlighting two critical resistance levels:
Ethereum $ETH needs to reclaim $2,100, and more decisively, $2,300, to confirm a bullish trend reversal. These are the levels to watch!
ETH last traded at the $2,100 level earlier this month on March 9, a fleeting moment of joy that was quickly followed by a plunge to $1,754, its lowest price in over a year. To truly break free, ETH must overcome the formidable $2,300 resistance. A clear breakout above this level could signal a renewed bullish momentum, much to the relief of its long-suffering holders.
However, not everyone is riding the wave of optimism. Altcoin analyst @altcoinrookie forecasted a bearish scenario, predicting that ETH will dip to $1,200 by June 2025 before reaching new all-time highs (ATHs). A rollercoaster ride, indeed!
Amidst the chaos, crypto trader Merlijn The Trade offered a more optimistic outlook. Merlijn shared the following ETH daily chart, noting that the asset is displaying a bullish divergence. The Relative Strength Index (RSI) is a momentum indicator that helps traders identify overbought or oversold conditions. RSI bullish divergence occurs when the RSI forms higher lows while the price forms lower lows, signaling weakening selling pressure and a potential trend reversal to the upside.
Merlijn also shared a two-week ETH price chart, highlighting how Ethereum has historically rebounded from a critical support level since early 2024, often posting significant returns after each bounce. However, rising ETH reserves on crypto exchanges remain a concern, potentially extending ETH’s price suppression.
At press time, ETH trades at $1,840, up 2.1% in the past 24 hours. Will ETH rise from the ashes, or will it continue to wallow in the depths of despair? Only time will tell, but for now, the battle continues.
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2025-04-01 08:14