Ethereum Trades Within Key Range as Bulls Aim for Breakout
Ethereum (ETH) is at a critical trading range of $1,750 to $1,850, with bulls attempting to establish a trend reversal. A breakout above $1,850 is necessary to confirm upward momentum.
- Recent reclaiming of the $1,750 level signifies a shift in market dynamics, according to analyst Daan.
- This marks the first retake of a support level since losing $4,000 in December.
- ETH remains over 55% below its December highs, indicating challenges for sustained recovery.
- Higher lows on shorter timeframes suggest bullish structure, but selling pressure limits upside potential.
- A break above $2,100 could lead to an altcoin rally; falling below $1,750 may trigger deeper corrections.
Currently trading at $1,833, ETH has formed higher lows and is above key moving averages (200 EMA at $1,780 and SMA at $1,702). Continued resistance at $1,850 must be overcome for further gains toward the psychological $2,000 mark. Conversely, failure to maintain above $1,800 may result in renewed selling pressure towards $1,700.
