Ethereum (ETH) experienced a significant recovery over the past week after jumping over 10% to the $1,800 resistance. The cryptocurrency\u2019s momentum has seen it reclaim key levels, which could ignite a 28% rally continuation in the following weeks.<\/p>\n
Over the past week, Ethereum\u2019s price has jumped around 14% to retest crucial support levels. Amid the market recovery, the cryptocurrency reclaimed the $1,600-$1,650 zone at the start of the week, holding a historical demand area as support.<\/p>\n
According to analyst Rekt Capital, ETH is holding<\/a> the bottom of its historical demand zone, between $1,650 and $1,950, after its recent performance, \u201crepeating history also by wicking briefly below it.\u201d<\/p>\n Since losing its $2,196-$39,00 Macro Range, the cryptocurrency has traded<\/a> within this range, upside wicking to the region\u2019s top and turning it into resistance, and downside wicking below the bottom to turn it into support, like in 2023.<\/p>\n According to the analyst, \u201cEthereum needs to keep holding here. If this price stability here can be sustained\u2026 There is a chance\u201d to repeat its mid-2023 performance, where the token bounced from this region and hit its early 2024 high of $4,093.<\/p>\n Meanwhile, Daan Crypto Trades noted<\/a> that ETH has flipped a horizontal level back into support. The analyst pointed out that since closing above the $1,750 mark for the past three days, the King of Altcoins has shown a \u201cchange in market dynamics.\u201d<\/p>\n Notably, Ethereum has not been able to reclaim previous horizontal levels for months, getting rejected<\/a> and making new lows instead. Daan asserted that the $1,750-$2,100 price range is crucial to continue ETH\u2019s bullish momentum.<\/p>\n Amid this performance, ETH is nearing a breakout from its multi-month downtrend. The cryptocurrency has been in a downtrend since hitting its cycle high of $4,107 in early December, retracing over 56% since then.<\/p>\n However, Ethereum is attempting to break from the descending resistance again amid its retest of the $1,800 barrier. Analyst Crypto Caesar affirmed<\/a> that ETH \u201cis on the verge of breaking out. We really just need that higher high\u2026\u201d<\/p>\nETH On The Verge Of Breaking Out<\/h2>\n