Ethereum is testing the crucial $1,800 support level after a series of technical breakdowns and faces pressure from whale activity. Analysts note this level is pivotal, with a hold potentially leading to a relief rally toward $2,650, while a breakdown could see prices fall toward $1,300.
Ethereum is at a critical juncture, retesting key price levels following the failure of significant technical patterns. Analysts state a bull flag formation failed when ETH broke below $3,700, and an ascending triangle pattern subsequently collapsed beneath $3,000 support.
The cryptocurrency now trades in a range between $2,000 and $1,850, according to market data. Analyst Crypto Patel mentioned that holding the $1,800 level could trigger a relief rally targeting $2,650. However, a drop below that support may lead to a decline toward $1,300, which he identified as a potential accumulation zone.
Further market pressure stems from significant whale activity, adding volatility risk. Analyst Ted revealed that “a whale has entered a $41.34 million ETH short position with 20x leverage.” He noted that even a 12% price increase could liquidate this position, potentially causing sharp volatility spikes.
According to CoinMarketCap, Ethereum is currently trading at approximately $1,973 with a market capitalization of $237 billion. The asset declined 1.3% over the last 24 hours as investors closely monitor its key technical levels. With these elements in place, the market is closely watching Ethereum’s price action around the $1,800 support to gauge its next directional move.
