Ethereum price started a fresh increase above the $1,620 zone. ETH is now consolidating gains and might aim for more gains above $1,680.

• Ethereum started a decent increase above the $1,600 and $1,620 levels.
• The price is trading above $1,625 and the 100-hourly Simple Moving Average.
• There is a new connecting bullish trend line forming with support at $1,625 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a fresh increase if it clears the $1,680 resistance zone.

Ethereum Price Eyes More Gains

Ethereum price formed a base above $1,520 and started a fresh increase, like Bitcoin. ETH gained pace for a move above the $1,580 and $1,600 resistance levels.

The bulls even pumped the price above the $1,650 zone. A high was formed at $1,690 and the price recently started a downside correction. There was a move below the $1,640 support zone. The price dipped below the 50% Fib retracement level of the upward move from the $1,562 swing low to the $1,690 high.

However, the bulls were active near the $1,620 zone. Ethereum price is now trading above $1,625 and the 100-hourly Simple Moving Average. There is also a new connecting bullish trend line forming with support at $1,625 on the hourly chart of ETH/USD.

On the upside, the price seems to be facing hurdles near the $1,660 level. The next key resistance is near the $1,680 level. The first major resistance is near the $1,690 level. A clear move above the $1,690 resistance might send the price toward the $1,750 resistance.

An upside break above the $1,750 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $1,800 resistance zone or even $1,880 in the near term.

Another Decline In ETH?

If Ethereum fails to clear the $1,660 resistance, it could start a downside correction. Initial support on the downside is near the $1,620 level. The first major support sits near the $1,610 zone and the 61.8% Fib retracement level of the upward move from the $1,562 swing low to the $1,690 high.

A clear move below the $1,610 support might push the price toward the $1,575 support. Any more losses might send the price toward the $1,550 support level in the near term. The next key support sits at $1,500.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level – $1,610

Major Resistance Level – $1,660

Following Mantra’s catastrophic OM token crash, analysts urge the Pi Core Team (PCT) to adopt greater transparency and caution.

These remarks follow Pi Network’s recent transition to the full Open Mainnet phase.

Pi Network Advised to Prioritize Transparency Post-Mainnet

The warning comes after OM’s price plummeted more than 90% in under an hour, wiping out over $5.5 billion in market capitalization.

Following this crash, there is widespread fear across the crypto industry of similar events occurring in projects undergoing key phases of development and token unlocking. Among such projects is Pi Network, which recently transitioned to Open Mainnet.

Dr Altcoin, a crypto analyst and advocate for decentralized ethics, relates the OM incident to the Pi Network and calls for stricter regulation.

“The OM incident is a wake-up call for the entire crypto industry, proof that stricter regulations are urgently needed. It also serves as a huge lesson for the Pi Core Team as we transition from the Open Network to the Open Mainnet,” he tweeted.

Some users defended Pi Network’s fundamentals, highlighting its utility-focused roadmap and avoidance of speculative hype. However, Dr Altcoin doubled down on concerns over a lack of transparency.

“One thing is clear about the PCT, they are not transparent,” he added.

Still, the broader Pi community remains optimistic. The account Pi Open Mainnet, presented as a pioneer, posted a rebuttal citing reasons Pi may avoid OM’s fate. It highlighted Pi’s slow token release strategy and absence of large early-sell events as elements central to that confidence.

“Massive community (35M+ pioneers), steady unlocks, growing utility (.pi domains, dapps), and a clean track record,” they wrote.

Indeed, Pi’s ecosystem is expanding. The integration with Chainlink, new fiat on-ramps, and Pi Ads are creating what the team calls a “virtuous cycle” of adoption and utility, according to Pi Open Mainnet 2025, a senior pioneer’s account.

“These advancements form a virtuous cycle for Pi Network. Easier fiat ramps bring in more users (Pi’s community is already ~60M strong), Pi Ads drive more apps & utility, and Chainlink integration adds trust and interoperability. More users →more utility,” it stated.

With a community reportedly approaching 60 million, many believe the project has a strong user-driven foundation, unlike OM’s more centralized dynamics.

Is This Enough to Prevent OM-Like Fate?

However, not everyone is convinced this will be enough. Mahidhar Crypto, a Pi Coin validator, urged users to withdraw Pi coins from centralized exchanges (CEXs) to prevent price manipulation.

“We have seen what happened to OM—how market makers dumped on users…When you deposit your Pi Coins on CEX, the Market makers will use bots to create artificial buy/sell walls to manipulate prices or Liquidity,” they warned.

This aligns with recent concerns about collusion between market makers and CEXs. Mahidhar also called for the Pi Core Team to scrutinize KYB-verified businesses and avoid listing Pi derivatives on CEXs, citing the risks of leveraged trading on still-maturing assets.

Further fanning skepticism is on-chain behavior tied to OM. Trading Digits, a technical analysis firm, pointed out that the “Pi Cycle Top” indicator, a pattern often signaling market tops, had triggered twice for OM since 2024, the most recent being just two months before its collapse.

“Coincidence or bound to happen?” the firm posed.

Will Pi follow a disciplined, utility-first path, or could it fall into the same traps that triggered OM’s downfall?

BeInCrypto data shows Pi Network’s PI coin was trading for $0.74% as of this writing, down by 1.36% in the last 24 hours.