As of press time, Ethereum (ETH) is trading at $1,580.68, up 1.95% in the past 24 hours. Daily volume stands at $19.35 billion, with a market cap of $190.76 billion — representing 9.17% of the total crypto market. As the largest blockchain for smart contracts and dApps, Ethereum remains central to the digital asset ecosystem.
Analyst Split: Technical Correction or Short-Term Bottom?
More Crypto Online noted on X (formerly Twitter) that Ethereum hit a new low on Friday, potentially ending the third wave of its correction. In their view, the current rebound represents a fourth wave, often preceding a fresh downturn. While short-term improvement is evident, several experts remain skeptical of a major bullish reversal. The analyst stressed that the recent bounce does not necessarily mark the end of Ethereum's primary downtrend and appears corrective rather than a definitive turnaround.
Under this scenario, the first key resistance zone lies between $1,605 and $1,668. If buyers can push ETH above that range, next targets are $1,823 and then $2,224. Still, many analysts view the current move as a technical correction rather than the start of a strong rally.
Smart Money Framework: Liquidity Sweep in Play
On the other hand, analysts using the Smart Money Concepts framework paint a more constructive short-term picture. They note ETH briefly dipped below previous lows before a sharp bounce from the $1,670–$1,690 demand zone. This price action is considered a “liquidity sweep” — selling pressure absorbed, buyers regaining control. Smart Money Concepts focuses on liquidity zones, supply-demand areas, and market structure to track major players.
Following the bounce, Ethereum has formed higher lows. Analysts suggest if ETH can break through the $1,735–$1,755 resistance zone, the bullish outlook strengthens. Short-term targets become $1,750 and $1,800, with the primary target area between $1,830 and $1,850.
Support Zone Could Determine Next Move
The same analysis notes a previous long trade captured about a 78-point move from $1,700 to $1,778. But price has since pulled back to retest the $1,680–$1,690 demand zone. Market watchers closely monitor whether this area attracts renewed buying. If demand holds, Ethereum could regain upward momentum toward $1,830–$1,850. Conversely, failure to break resistance or a breakdown below key support could leave the recent rally as a temporary reaction.
As the second-largest cryptocurrency by market cap, Ethereum's price direction impacts not only its own valuation but overall market sentiment. Its performance exerts outsized influence on DeFi, altcoins, and broader risk appetite across crypto markets.