Table of Contents

TL;DR Breakdown

Bulls are defending ETH price from dropping below today’s intraday low of $1772.
A slight solid breakout could spike the price towards $1,880 and $1,900.
ETH hits a daily high of $1,878 to gain a negative percentage gain of 0.3.

ETH Price Prediction: General price overview

Bulls are defending ETH price from dropping below today’s intraday low of $1772. Ethereum was able to break above the $1,800 resistance on Monday. The $1,800 price zone has served both as support and resistance for ETH price for the past three days. During press time, the price is attempting to beat resistance at $1825.

A breakout above this resistance and beyond $1,850 will be good for a clear bullish path towards the $1895 support, which is an intact price above the $1,880 resistance and above the 100-hourly SMA.

The coin is testing the $1,820 support on the 1-hour chart and has begun a key bullish trend with support near $1,800. This trendline is near the 50% Fibonacci extension level of the upswing wave to $1,882 high from $1,649 low. ETH price seems to be nearing a bullish price consolidation above the ATH.

However, the 5-day chart does not support a bullish short-term outlook. For example, the 14-day Relative Strength Index indicates a bearish pattern from the recent ethereum upsurge.

Bulls can hope for the current uptrend movement to resist bearish pullbacks and challenge the long-term horizontal resistance at $2,000. While this might not happen in the near term, a slight solid breakout could spike the price towards $1,880 and $1,900.

Meanwhile, an on-chain report documented Ethereum as the leading decentralized applications ecosystem despite losing a massive number of users. The blockchain has been losing participants due to surging transaction fees, network congestion, and gas fees.

Regardless, the decentralized finance platform still leads the frontline as a dedicated network.

ETH Price movement in the past 24 hours

Ethereum Price Prediction: ETH price needs solid breakout above $1,850 to challenge $2K 1

(Source: Tradeview)

The leading altcoin opened the daily chart at $1,834, hit a daily high of $1,878, and witnessed a negative percentage gain of 0.3. The intraday low lies at $1,760. During press time, the coin is trading at $1,829.

ETH price is holding support around new weekly highs after breaking out of a 2-week bearish cycle. The bearish cycle began in mid-February after Ethereum began a downswing from an ATH of $2,033. Ethereum’s price pattern began a bullish uptrend at the beginning of 2021 when it crossed a psychological resistance near $819. This resulted in a neck and shoulder bullish pattern with the altcoin’s price between a psychological resistance line ($819) and a long-term resistance line at $2,003.

ETH 4 hour chart

(Source: Tradeview)

Ethereum formed a descending triangle from $1,830, dipped to $1,826, and corrected at $1,830 again before undergoing a gradual downswing all the way to $1,820. The current pattern attempts to retest support above $1,832 and recover the uptrend that saw it attain a daily high of $1,878.

If Ethereum manages to retest this intraday high and break out from the $1,850 resistance, bulls should anticipate an upward movement against the $1,900 resistance.