Ethereum (ETH) Price Encounters Resistance at $1800 Amid Market Volatility

After a brief spike above $1800, Ethereum (ETH) has undergone a slight decline.

Ethereum (ETH) price has seen a slight decline following a brief spike above $1,800.

At first, the ETH price rally had a lot of momentum as it recovered from lower lows of $1,723 and rose to highs of $1,848. However, as the bulls encountered resistance, the price pulled back toward the $1,750 mark.

The cryptocurrency is currently trading at about $1,810.74, up 0.09% over the last day, and has a $218.6 billion market valuation.

To stop any losses, analysts stress how crucial it is to hold onto the $1,750 Ethereum price support. At $1,800, the ETH major resistance is still strong, and the price behavior is still unstable around the 100-hourly Simple Moving Average.

As the cryptocurrency market experiences heightened volatility, traders are closely monitoring key technical indicators for any shifts in momentum.

The technical outlook for Ethereum is mixed as sellers may be running out of steam. The 1-hour MACD is indicating less bearish momentum with the MACD line potentially crossing above the neutral level.

However, the RSI is still below the 50 mark, which suggests that traders are still cautious and the trading environment is still uncertain.

Furthermore, Ethereum is still trading below its 100-hour SMA. This remains a strong ETH key resistance level.

The fact that the $1,750 ETH price support is close to the 76.4% Fibonacci retracement level from the $1,723 to $1,848 swing further supports its significance as a bullish defense zone.

A decisive close above the $1,800 ETH key resistance could reignite the ETH price rally. This would open the door for a new advance in the direction of $1,850 and higher.

However, if the $1,750 support fails to hold, then Ethereum could be subject to fresh selling pressure. In such a scenario, ETH might decrease towards the $1,700 mark, with further downside threats aiming for $1,650 and potentially $1,620.

The ability to recover and maintain levels above the 100-hourly SMA is crucial to the short-term ETH price surge.

As the cryptocurrency market navigates this crucial turning point, traders are encouraged to keep an eye on volume patterns and more general attitude shifts.