Ethereum Holds Strong Above $1,800 Amid Market Shakeout
Ethereum (ETH) is showing short-term strength, currently trading at $1,805, holding firm above the critical $1,800 support despite recent volatility in the broader crypto market. The upcoming Pectra upgrade, which aims to enhance scalability and bring new features to the Ethereum mainnet, is contributing to renewed investor confidence.
On the 4-hour chart, $ETH is consolidating sideways above $1,755, a key high-demand zone backed by multiple bouncebacks and support from the 200 EMA. This consolidation range has resistance near $1,855, acting as the short-term ceiling.
Technically, the 100 and 200 EMA lines are nearing a bullish crossover, which could confirm upward momentum. However, the RSI remains below the midpoint, indicating weakening momentum as the sideways action persists.
A breakout above $1,855 could pave the way toward the 78.6% Fibonacci level near $1,949, with bullish continuation hinging on renewed momentum and a sustained close above the current resistance.
