In the past two weeks, Ethereum staged an impressive recovery, surging 18.50% from $1,523 to $1,805 after bouncing off the $1,520 support with a double bottom reversal. Altcoins, like Ethereum, are expected to follow Bitcoin's lead, but both are encountering resistance at $1,850, raising concerns about the recovery's sustainability. This aligns with the anticipation of the Federal Reserve's monetary policy announcement in global financial markets.
According to Coingabbar Price Analysis, Ethereum's price recovery is encountering strong resistance at $1,850, coinciding with a Falling Channel pattern's upper trendline. Bitcoin's consolidation has added uncertainty, leading Ethereum to trade sideways for over a week. A decisive breakout or breakdown from this range will offer clarity for short-term price action. If the bulls breach the $1,850 resistance, the price may test $1,940. A continued hold at this level could push it toward $2,000 by month-end. However, heightened selling pressure could trigger a significant correction if Ethereum falls below $1,750.
KEY LEVELS :
RESISTANCE LEVEL : $1,830-$1,870
SUPPORT LEVEL : $1,770-$1,730
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
