Ethereum (ETH) continues to hold a crucial support level after recovering from last week\u2019s correction. Its recent bounce from historical demand zones has led some analysts to suggest that the altcoin is gearing up for a breakout.<\/p>\n
Ethereum has reclaimed the key $1,600 level after dropping below the $1,400 support for the first time since 2023. The second-largest cryptocurrency by market capitalization recently fell to a two-year low during last week\u2019s correction, fueled by US President Donald Trump\u2019s trade tariff war.<\/p>\n
ETH touched $1,385 last Wednesday, retesting the 2018 all-time high (ATH) levels before recovering. Amid Trump\u2019s 90-day tariff pause announcement, Ethereum jumped<\/a> over 10% from $1,480 to $1,600, briefly nearing the $1,700 resistance. However, its price retraced to the $1,400-$1,500 support zone on Thursday amid the market\u2019s volatility.<\/p>\n Over the weekend, the King of Altcoins recovered, hovering between the $1,580-$1,680 price range for the past four days. Ethereum has reclaimed the $1,600 support in the past 24 hours, fueling a bullish<\/a> sentiment among some market watchers.<\/p>\n Analyst Ted Pillows noted that ETH might be getting closer to a breakout from its short-term downtrend line. According to him, investors could expect the cryptocurrency to hold the $1,550-$1,600 level now that global markets are gaining some strength.<\/p>\n He considers holding this range could propel Ethereum\u2019s price toward the one-month downtrend line. A breakout and confirmation of this resistance, at around $1,670, could set the base for a 20% jump toward the $2,000 resistance level.<\/p>\n Merlijn The Trader suggested<\/a> that ETH is gearing up for a breakout. The market watcher pointed out the cryptocurrency\u2019s two-month descending channel, which could be \u201chistory\u201d if volume surges.<\/p>\n The analyst considers that as Ethereum nears the channel\u2019s upper boundary, \u201call we need now is volume\u201d for a surge above the $1,690 mark, adding that a breakout from this level would target $2,700.<\/p>\n He also underscored that ETH\u2019s double top formation was completed<\/a> after \u201csmashing\u201d the $1,432 target, signaling that it \u201csurvived the storm.\u201d Notably, the cryptocurrency confirmed this pattern, which developed within its $2,196-$3,904 Macro Range, following its March close below the $2,100 support.<\/p>\n After recovering from the recent lows, \u201cNow comes the face-melting rally no one expects. $4,000 is only the beginning.\u201d<\/p>\nIs ETH Out Of The Woods?<\/h2>\n