Here's the First Level of Support If ETH Fails at $1,800 (Ethereum Price Analysis)

Here's the First Level of Support If ETH Fails at $1,800 (Ethereum Price Analysis)

ETH price has been on the rise since recovering from the $1000 area and has broken through several significant resistance levels. However, the cryptocurrency is currently showing a lack of momentum, indicating a possible short-term correction.

Technical analysis

From: Edris

The daily chart:

On the daily chart, the price is holding above the broken symmetrical triangle after breaking above it to the upside. However, the $1,800 resistance area is yet to be conquered and the price is struggling to move forward.

Currently, the market is slowly moving higher after retesting the upper boundary of the symmetrical triangle but is not showing decisive momentum to move away from the $1800 level. If there is a correction in the coming days, the triangle's higher trendline could be retested, followed by the 50-day moving average and the 200-day moving average, located around the $1700 and $1400 levels, respectively.

On the other hand, if the price finally snaps out of the $1800 area, a rally towards the $2300 resistance level can be expected in the near term.

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The 4-hour chart:

Looking at the 4-hour time frame, it is evident that the price is oscillating in a narrow range around the $1800 mark, showing neither willingness to break it to the upside nor rejection to the downside. The higher trendline of the major triangle pattern could be tested near the $1680 support level as the market falls and it could provide sufficient support to push the price higher.

However, a breakdown of these levels could result in a decline towards the key $1500 area. The RSI indicator has also been relatively flat over the past few days but remains above the 50% threshold.

This signal suggests that while the bulls are still in control, their dominance may be weakening, which could lead to a correction in the near future.

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