📈 Ethereum Price Holds $1,800 Ahead of Pectra Upgrade: Is a Bull Run Loading?
Ethereum (ETH) price at $1,805 shows resilience above the $1,800 mark despite the sudden shakeout in the crypto market.
With short-term bullish resilience, the upcoming Pectra upgrade is expected to boost the ETH market price with multiple changes in the ETH mainnet, leading to increased scalability and additional features.
In the 4-hour price chart, the Ethereum price trend showcases a sideways movement above the $1,755 mark. This crucial zone marks a high-demand area extending between $1,754 and $1,765.
Providing multiple bouncebacks, the high-demand area and the 200 EMA line hold the Ethereum price uptrend. Currently, the Ethereum sideways movement marks a consolidation range with the upper ceiling near $1,855.
As the ETH price holds above $1,800 after a prevailing recovery, the 100 and 200 EMA lines are on the verge of giving a positive crossover.
However, the RSI indicator reflects a loss of momentum as the consolidation range grows.
Currently, the 4-hour RSI line struggles to overcome the halfway line. Based on the Fibonacci levels, a bullish breakout of the upper ceiling at $1,855 will likely test the 78.60% Fibonacci level near $1,949.
As Ethereum holds its ground near $1,800, the in/out of the money around price indicator from IntotheBlock reflects a strong resistance ahead.
The initial supply zone extends from $1,805 to $1,857, holding a total volume of 5.85 million ETH in 4.48 million addresses.