Ethereum (ETH) is trading at $1847.16, showing strength with a 24-hour high of $1853.55 and a 2.47% increase. Buyers are stepping in and trying to put the price higher.
Ethereum is consolidating near the $1,850 level after experiencing a significant correction from its recent high above $2,090. The trading volume has also risen by 29.55% in the last 24-hour period.
Can ETH Overcome Bearish Pressure to Hit $2,000?
Ethereum just had its worst Q1 in the last 7 years, facing a decline of -44%. Furthermore, the ETH price has also fallen below a key support structure, an ascending triangle.
The pattern formed throughout March and held multiple spikes. Typically a bullish formation, the triangle failed to break out to the upside.
The breakdown opens the door to a move toward $1,690, which is derived from the formation’s high.
The 20-day EMA currently is at approximately $1,902, just above the current price of $1,848.69. This short-term indicator has recently turned downward, suggesting immediate bearish pressure.
The 50-day EMA at $1,956 forms a significant resistance barrier. This medium-term indicator maintains a slight downward slope. Thus, confirming the broader bearish bias.
The RSI currently sits at 45.42, standing in a neutral zone after recovering from oversold conditions around March 30. The indicator has been trending upward from the low of 29.98. This suggests a potential shift in momentum.
Inverted Head and Shoulders Pattern Signals Bullish Reversal
The 1-hour ETH chart displays a clear inverted head and shoulders pattern that formed between March 29 and March 31. The left shoulder is at approximately $1,810, the head dipping to around $1,775, and the right shoulder is at the $1,805 level.
This bullish reversal pattern has triggered a breakout, pushing Ethereum from its recent low to the current price of $1,856.79. Furthermore, the neckline of this pattern at $1,825 has been decisively broken, with increased buying momentum suggesting a potential short-term target of around $1,875-1,880.
Key Price Targets For Ethereum
In the daily chart, the key support levels for Ethereum are visible at $1,820 and $1,828, which must hold to prevent further decline. Furthermore, major resistance zones by price action analysis are established at $1,956, $2,090. The psychological $2,100 level, with the $2,090 area proving particularly challenging for bulls to overcome.
ETH must register a 4-hour candle closing above $1,850 to confirm strength. If successful, a move towards $2,000 becomes likely.
Failure to breach the $1,850 level could lead ETH to retest the $1,500 level and eventually go towards the $1,000.
Ethereum Spot ETFs Witness Strong Inflows Amid Market Volatility
Ethereum spot ETFs saw a total net inflow of $6.4178 million on 31st March. The rest of the nine ETFs recorded a net zero flow. The highest single-day net inflow on March 31, came from Fidelity’s Ethereum spot ETF (FETH) at $6.4178 million.
FETH’s historical total net inflow now stands at $1.414 billion. The total net asset value of Ethereum spot ETFs is $6.282 billion.
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