Ethereum Holds Ground: What's Next for ETH Price?

Ethereum (ETH) is showing resilience as it continues to trade above a key support zone near $1,800.

Ethereum (ETH) is exhibiting resilience as it continues to trade above a crucial support zone around $1,800. Although the short-term performance has been modest, the technical structure hints that ETH might be preparing for another upward move. Following a swift bounce from the $1,500 range, the current sideways trading appears to be a consolidation phase ahead of the next major push.

At present, Ethereum is trading at $1,830, with the following performance metrics over the past 24 hours:

Despite the year-to-date downtrend, recent price action shows growing interest from buyers at the $1,800 level.

Ethereum: A Crucial Level to Watch

ETH’s strong recovery from the $1,500 zone has set the stage for a bullish technical setup. If the price manages to stay above the $1,800 support, the next key targets are:

This consolidation phase between $1,800 and $1,850 could be viewed as a period of accumulation by long-term investors before a potential breakout.

On the other hand, a decisive break below $1,800 might invite more selling pressure, potentially pushing ETH towards the Fib 1.272 at $1,500 or Fib 1.618 at $1,100. However, these levels seem relatively distant at this point.

The Fib 0.5 at $1,800 is a crucial pivot for both buyers and sellers, making it a natural point of contention. A break above the Fib 0.5 could invite more buying interest, setting the stage for a rally towards the Fib 0.786 at $2,070 or Fib 1 at $2,290.

Moreover, the Relative Strength Index (RSI) on the 4-hour chart is approaching the oversold territory, suggesting that sellers might tire out if the price continues to move sideways. This could pave the way for another round of buying activity.

Overall, the technical structure suggests that Ethereum is showing resilience at a crucial support zone, setting the stage for another attempt at pushing higher. However, a decisive break below $1,800 might negate this bullish outlook and open the door for further selling pressure.