Ethereum (ETH) Holds Above $1,700 Support as Bulls Attempt to Reclaim the $1,850 Zone

In a world increasingly reliant on digital technologies, the role of cryptocurrency in macroeconomic analysis cannot be overstated. As the dust settles on a turbulent few months for the crypto market, interest is returning to the world’s second-largest cryptocurrency, Ethereum (ETH).

After a strong start to last week, relative strength returned to ETH, which began to push higher. This move immediately pulled a broad range of altcoins higher, a classic signal that sentiment could be changing across the broader market.

Now, as we approached the weekend, the ability of ETH to continue pushing higher and begin to build momentum has seen the tide begin to shift back in favor of buyers on the intermediate time frames, at least.

As we started the week, the next objective was to push toward the range high and attempt to take out the 4-hour 200 MA and EMA, as doing so would be the beginning of a higher time frame reversal.

If ETH can continue to build momentum from here, then it could ignite another strong altcoin rally, amplifying the impact across the entire market.

As we finished the week, we can see that ETH is still holding firm above the 4-hour 200 MA and EMA, two critical technical levels that have been closely followed throughout the recent price action.

This consolidation within this range shows that bulls are defending key levels well, but they still need a catalyst to push higher.

As long as we are holding above the 4-hour 200 MA and EMA, then it suggests that momentum remains in favor of buyers for now, and any push above $1,850 could open the door for a larger rally.

However, global tensions and worsening economic indicators continue to weigh on sentiment, making next week crucial for more clarity.

If broader markets stabilize, or Bitcoin continues to push toward new highs, then we could see ETH benefit and continue its recovery.

But a failure to hold above $1,725 would expose ETH to renewed selling pressure and a potential retest of lower demand zones.

For now, bulls remain in control, but we need to remain vigilant as we approach a pivotal moment in the market.