Ethereum trades near $1,800 as 4.3 million ETH shift hands at key resistance

Ethereum has been testing the crucial $1,800 resistance level in recent days, drawing attention from market observers. On-chain data indicates that around 4.3 million ETH were transacted at this price point in previous sessions. This high level of trading activity has turned $1,800 into a pivotal threshold for determining the cryptocurrency’s short-term direction.

The $1,800 level shapes near-term momentum

If buyers can reclaim control over the $1,800 zone, technical charts point to subsequent resistance levels at $1,980 and $2,079. Clearing these hurdles would suggest a stronger recovery is underway and some of the selling pressure has been mitigated.

Analyst Ali Charts highlights the significance of this high-volume area near $1,800. Some investors who bought here may take profit as prices rise, while others could wait for a more decisive breakout to maintain their positions.

Glossary: URPD refers to on-chain distribution data that shows the volume of assets traded at specific price levels. As it reveals areas of investor concentration, it is widely used to evaluate support and resistance zones.

Conversely, failure to overcome the $1,800 barrier could trigger a loss of momentum. In such a scenario, Ethereum may retreat to areas with lower trading volume, with the $1,237 level emerging again as the first major support line.

Cautious outlook prevails in broader analysis

More cautious assessments continue to dominate the technical outlook. The analyst team at More Crypto Online notes that Ethereum has yet to confirm a sustained long-term bottom with a strong technical formation. According to their analysis, it may be premature to declare that the broader downtrend is over.

On the daily chart, Ethereum is trading near both a significant Fibonacci resistance zone and its long-term downward trendline. In the short term, following $1,815, resistance is identified at $1,926, $2,045, and $2,226 as further key levels to monitor.

On the downside, $1,554 is tracked as the next crucial support level. If Ethereum fails to hold after a rejection at resistance, the bearish setup may gain renewed strength.

The analyst adds that historic correction rates and RSI behavior do not completely rule out the possibility of a deeper bottom, with risks potentially extending as low as the $1,000 region. For a more optimistic picture to emerge, analysts point to the need for a clear five-wave upward structure on higher timeframes.

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