Ethereum keeps its slow crawl away from the $1,500 pits it touched not long ago but now the asset tests a serious resistance zone blocking its recovery path. 🖤 Breaking past this spot could unlock a surge toward $2,000 or higher yet right now that goal feels distant.
Will Ethereum Shatter The $1,800 Wall? 🌑
With ETH hovering near $1,800 analyst Ali Martinez flagged it as the crucial bullish key that must break clean. In a post on X he noted how the 0.8 MVRV Pricing Band lines up there as resistance. He called for a daily close above this level then a hold as support to strengthen the bullish case and open a path toward Ethereum’s Realized Price at $2,245. The altcoin has not crossed $2,000 in a month and its last visit to the Realized Price happened back in mid-May.
Martinez doubled down on the $1,800 importance since the TD Sequential resistance trendline also sits right there. “A break above both $1,796 and $1,816 could trigger a bullish breakout. From a technical perspective such a move would also increase the probability that ETH breaks through the top of the channel at $1,844 and begins marching toward the $2,245 Realized Price.”
Fellow analyst Ted Pillows echoed the view after ETH recently tested the $1,820-$1,850 resistance only to get pushed back. The bright side is it still trades above $1,750 and Pillows expects a push to $2,000 once that zone gets reclaimed. Check the call.
The Odd Business Cycle Whisper 🕷️
Michaël van de Poppe highlighted an unexpected correlation hinting at a stronger Ethereum rally ahead. He pointed out how the business cycle often shows through the copper/gold chart a pattern clear in the 2017 and 2021 cycles yet absent in 2024 so far. He sees that precious metals chart as a strong market momentum signal after its recent massive upward break and flip of a 4-year downtrend into an uptrend. ✨
“Usually ETH follows through although with some lag as there needs to be more confidence in the markets. A matter of time until the crypto markets are finally picking up momentum.”
Just another echo from the void by iconofsin.eth 💖
