Crypto price prediction: Ethereum faces key resistance after breaking trendline

 Ethereum chart analysis:

Ethereum chart analysis

In the last 24 hours, Ethereum experienced large futures liquidations totaling about $53.44 million. This means many traders lost money as their positions were automatically closed. Out of this, $27.33 million came from people who were betting ETH would go up (long positions), and $26.11 million came from those who thought it would go down (short positions).

Recently, Ethereum managed to rise above a downward trendline that had been in place since March 24. For the past week, it was trading around $1,600 without much movement. However, once it broke above the trendline, it ran into the resistance level $1,688. This price level has been a strong resistance point, especially since April 9, with many sellers entering the market there.

Ethereum can stay above the trendline and push through the $1,688 resistance, it might continue climbing. The next major hurdle lies at the top edge of a large downward channel that began in December. This area is also reinforced by the 50-day Simple Moving Average, which could make it harder to break through.

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On the flip side, if Ethereum falls back below the trendline, it could head toward the $1,450 level, where it might find some support. If that level fails to hold, ETH might drop sharply possibly by 30% toward $1,150, which is the bottom edge of the same descending channel.

Ethereum chart analysis

Some technical indicators are also showing signs of weakness. The Relative Strength Index (RSI) and the Stochastic Oscillator both started to go up but are now moving downward. This suggests that the strength of the recent upward move might be fading, and selling pressure could be growing.

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In short, Ethereum is at a critical point. It needs to break above $1,688 to continue its climb, but if it falls below current levels, it could drop sharply. Traders are keeping a close watch on these levels to decide their next move.