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Ethereum surpassed $1,600 intraday on Tuesday after testing lows at near $1,423 over the weekend. The crypto is seen to be trading close to $1,590 at this point in writing and is expected to drop toward $1,500 in the near term. We can expect the token to resume its rally towards $1,800-30 thereafter.
Ethereum has dropped from the $2,031 highs since August 14, 2022, carving a meaningful bearish channel between $2,031 and $1,423 respectively. The bulls are looking poised to retrace the above drop and push prices through $1,800 which is close to the Fibonacci 0.618 level of the above drop as seen on the short-term chart here (1 hour).
Ethereum would be working on the recent upswing between $1,423 and $1,600 in the near term. Prices should be well supported at around $1,490-1,500, which is also the Fibonacci 0.618 retracement of the above upswing. A high probability remains for a bullish reversal thereafter as bulls prepare to push through $1,800, going forward.
Potential rally through $1,800 against $1,400, then turn lower.
Good luck!
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