- Summary:
- Ethereum price gained more than 12% in the last week but the main metrics signal a weakening of the upward traction. Can it stay above $ 1,800?
The Ethereum price opened the trade below the $ 1,800 mark on Friday and became marginally 0.8% on the sunny chart despite having more than 12% last week. However, the momentum in the product is upbeat, along with the sunny RSI at 53. That said, the coin needs to break the psychological $ 1,800 resistance mark and I will put it to a support level.
Ethereum price momentum favors the downside
Meanwhile, the ETF spot recorded the ETF of ETF the largest net inflows in three weeks on Thursday. The nine exchanged ETFs combined $ 63.50 million worth of net purchases, promoting the rising institutional interest in the coin. Also, Coinanalyze reported that Ethereum's open interest contracts grew 0.82% in the last 24 hours to reach $ 9.8 billion. That increases credentials to the likely continuation of Ethereum price.
At the downside, Ethereum's Defi Chain activity contracted in the last 24 hours, pointing to reduced utility for ETH. According to Defillma, the total amount of Ethereum locked (TVL) declined 1.2% in the last 24 hours, pointing to reduced utility for ETH coins. That momentum is likely to keep the price of ETH under pressure at close-term.
In addition, Ethereum's net exchange has grown from -$ 156 million to -$ 86 million in the last two days. That shows a lot of ETH flows back to the exchanges, signaling rising sales pressure. That adds to the possibility that Ethereum price will struggle to break the $ 1,800 barrier.
Ethereum price prediction
Ethereum price pivots at $ 1,800 and resistance to the seller's level of control signal. Immediate support is likely to be at $ 1,745. However, a stronger momentum will be damaged below that level and may have less action to test $ 1,700.
On the other hand, destroying above $ 1,800 will change the momentum upside down. With consumer control, the first barrier is likely to be at $ 1,836. The reversed narrative is invalid if the action goes to that level. Also, an extended consumer control can extend the acquisitions to test the second resistance to $ 1,876.
