Can ETH Take Down This Key Resistance Level?

Ethereum recently rebounded on the crucial level of support of $ 1.5,000, but he still finds it difficult to pierce the lowering control block near the $ 1.8,000 bar. If he fails to erase this resistance, another decline could follow.

Technical analysis

By Shayanmarkets

The daily graphic

The price created a clear bullish reversal model at the support level of $ 1.5,000 and quickly joined the control block located at the bar of $ 1.8,000. Meanwhile, if the market undergoes a rejection of the command block, the difference of fair bull value located below the price can provide support and push the assets above.

The 100 -day MA taking a nose of $ 2.2,000, this area is a probable optimistic target for ETH on the daily time.

The 4 -hour table

Over the time of 4 hours, ETH has created a change in light bull market structure, the downhill channel broken up. An impulsive rally has made the price of approximately $ 1.5,000 at $ 1.8,000 in just a few days.

The resistance area of ​​$ 1.8,000 is critical, as it has previously provided market support several times in recent months. Consequently, an bruised escape above this area could be the beginning of a new increased continuation.

Onchain analysis

The painting of open interest open Ethereum of cryptocurrency offers a precious overview of the current feeling of the derivative market surrounding the ETH.

During the last cycles, the open interest of Ethereum showed a strong correlation with price trends, regularly increasing during the bullish phases and lowering strongly during the corrections.

In recent weeks, a slight recovery has been visible. The assets rebounded at $ 1.8,000, and an open interest climbs again towards the level of $ 12 billion. This increasing open interest during a price for recovery of prices has renewed speculative positioning, possibly anticipating an escape or a continuous rescue rebound.

However, given the past models, this also increases the risk of a volatile flower if the price stops again or vice versa. Therefore, risk management will always be crucial in the coming weeks.