Crypto analyst Kamran Asghar points out that Ethereum is revisiting a major macro support zone, historically recognized as an accumulation area. According to Asghar, ETH sits in a long-term price corridor where previous sharp corrections ended and upward reversals began.
Weekly charts show ETH trading around $1,736, retesting an upward trendline that has held across multiple market cycles. This accumulation zone has acted as a foundation during past pullbacks, with several rebounds launching from these levels.
Kamran Asghar observes that Ethereum's current market structure closely resembles previous cycle lows, adding that preserving this support could set the stage for a new bullish turnaround, similar to past consolidation periods.
Macro Support Zone in Focus: $1,736 as a Key Battleground
Asghar notes that the relative strength index (RSI) is hovering near historically weak levels, indicating subdued market sentiment even though ETH remains above long-term support. Conversely, a drop below the trendline and accumulation range could undermine bullish expectations, raising the risk of a deeper correction.
Short-Term Levels: $1,750 Resistance and $1,670 Support
Analyst CRYPTOWZRD reports that while Ethereum maintains its stance above critical support, it lacks the momentum to confirm a broader recovery. The next major move hinges on whether ETH can reclaim the $1,750 resistance or lose the $1,670 support zone.
On the daily chart, Ethereum rebounded from lows near $1,500 earlier this month and now trades near $1,730. However, the price remains trapped below a descending trendline that has capped upward moves since April. Horizontal resistance levels also continue to suppress bullish momentum.
CRYPTOWZRD notes that conquering the $1,750 zone could improve the short-term outlook, potentially bringing higher resistance at $1,800 and $2,200 back into focus.
The analyst further points out that Ethereum still closely tracks Bitcoin's price action and has yet to deliver a decisive breakout signal of its own. On the downside, $1,670 stands out as primary support; slipping below could amplify selling pressure and increase the risk of retesting lower levels.
For now, Ethereum appears pinned between support and resistance. Traders eyeing new positions are watching closely for the next significant price reaction before making any moves.