![\"ethereum,](\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2025\/04\/GpDveeBXEAAPRa5.jpeg?w=860&resize=860%2C853\")
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Its latest rejection from the descending resistance sent the cryptocurrency below the $1,700 mark, which fueled the bearish sentiment brewing toward ETH. The start-of-April retraces, driven by the ongoing tariff war between the US and China, further sent Ethereum to lower levels, hitting its two-year low below $1,400 and retesting the 2018 highs.<\/p>\n
The analyst noted that ETH could rally toward $2,000 during April\u2019s last leg if the cryptocurrency holds the $1,600 support, which it hasn\u2019t been able to do for most of the month.<\/p>\n
Is The ETH Bottom Close?<\/h2>\n
Analyst Carl Runefelt also highlighted<\/a> ETH\u2019s downtrend breakout, affirming that it \u201cmight go absolutely parabolic starting from here.\u201d According to Runefelt, the resistance breakout eyes the $3,000 mark, which was lost during the February retraces.<\/p>\n However, Ethereum has lost its short-term momentum, retracing its 24-hour gains in the past few hours. Its price dropped below the $1,600 mark into the key $1,500 support level, trading around the $1,570-$1,580 price range.<\/p>\n This retracement could hint that ETH\u2019s recovery failed to gain strength, risking a drop to the current level\u2019s lows. However, a bounce from this zone to hold the $1,650 mark could confirm the breakout and propel the cryptocurrency\u2019s price toward $1,700-$1,800 resistance.<\/p>\n Analyst Ali Martinez considers<\/a> that ETH\u2019s new rally won\u2019t start again until it breaks through the $2,330 supply wall, where over 12.6 million addresses purchased around 68-63 million ETH.<\/p>\n
![\"ethereum,](\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2025\/04\/ETHUSDT_2025-04-21_13-12-57.png?w=860&resize=860%2C468\")
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