Ethereum (ETH) is currently trading above the key support area of $1,800 while facing resistance near $2,150. The overall sentiment in the crypto space is cautious, as the broader trend remains bearish.
ETH is still trading below the 100-day and 200-day moving averages. The overall moving averages are bearish, which is affecting the overall Ethereum structure. The pair is still trading inside the descending channel, which has been the dominant trend in the past few weeks.
Critical Support Levels for ETH
ETH’s recent bounce occurred from the lower boundary of the channel. However, the asset is yet to break into the higher boundaries of the channel. The next area of supply for Ethereum is near $2,300 and $2,400. This area was the key area of support during the distribution phase.
If cryptocurrency were to break below the $1,800 area, the asset could test the $1,600 area in the coming days. Further decline could take the asset to the $1,400 area, which could be the next support for the token, according to TradingView data.
Source: TradingView
If the coin were able to break above $2,400 on the daily close, the overall structure could turn positive. This would be the first key support for the token in the coming days. The next resistance for the coin would be $2,800 and $3,000. Traders view that region as the next large decision zone.
As of press time, on Friday, ETH is trading at $2,077, showing a 1.10% decline in a day. The trading volume is showing bearish, down 37.07%, and is currently standing at $20.65 billion. Over the last week, the coin has gained 1.91%, according to CoinMarketCap.
Source: CoinMarketCap
ETH Holds Short-Term Bullish Bias
Analyst CryptOpus highlighted that “ETH has recently broken out of a descending trendline. This follows a strong reaction out of the $1,880-$1,920 demand zone, which has signaled a short-term momentum change.”
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The altcoin is now consolidating under resistance at $2,150. This is the major resistance level for this price range. A clean breakout above $2,150 and holding above it might open doors to $2,300. A further extension may push toward $2,470 if buyers maintain strength.
Source: X
Failure to hold at $2,150 could lead to a pullback towards the $2,000 mark. Short-term bias remains bullish as long as the asset is above the reclaimed structure. Traders continue to monitor demand zones for confirmation.
Volume and Open Interest Decline
CoinGlass data shows a decline in volume by 35.47% to $48.97 billion. Open interest has also decreased by 5.51% to $26.74 billion. The OI-weighted funding rate stands at 0.0049%. These figures reflect cooling participation but steady positioning.
Source: CoinGlass
Also Read: Ethereum Buying Pressure Mounts Ahead of Critical Technical Resistance