Ethereum (ETH) is trading at $1,847.16 and shows strength with a 24-hour height of $1,853.55 and a 2.47% increase. Buyers are trying to step in and increase the price.
Ethereum is integrated close to the $1,850 level after a major correction from its recent high from over $2,090. Additionally, trading volumes have increased by 29.55% over the past 24 hours.
Can ETH overcome the bear pressure of hitting $2,000?
Ethereum won its worst first quarter in the last seven years, facing a -44% decline. Furthermore, ETH prices are below the main support structure, the rising triangle.
The pattern was formed during March and multiple spikes were held. The triangle, which is usually a bullish formation, could not break through upside down.
The breakdown opens the door to a $1,690 move derived from the height of the formation.
Currently, the 20-day EMA is around $1,902, with the current price exceeding $1,848.69. This short-term indicator has recently shifted downwards, suggesting immediate bearish pressure.
The 50-day EMA is around $1,956, creating an important barrier to resistance. This medium-term indicator maintains a slight downward slope and confirms the wider bearish bias developed since late March.
The RSI is currently located at 45.42 and is in the neutral zone after recovering from its selling state around March 30th. The indicator has risen from its lowest of 29.98, suggesting a potential change in momentum.
Reverse head and shoulder pattern signals are bullish reversal
The 1-hour ETH chart shows a clear reversed head and shoulder pattern formed between March 29th and 31st, with the left shoulder approximately $1,810, head approximately $1,775 and right shoulder at 1,805 levels.
This bullish reversal pattern caused a breakout, pushing Ethereum from its recent low price to its current price of $1,856.79. The neckline of this pattern at $1,825 is decisively broken, with an increase in purchasing momentum suggesting a potential short-term target of around $1,875-1,880.
Ethereum’s main price targets
The main support levels are listed at $1,820 and $1,828. This should be kept to prevent further reductions. The main resistance zone is established at the $1,956, $2,090 and psychological $2,100 levels, with the $2,090 area proven to be particularly difficult for Bull to overcome.
ETH must register a 4 hour candle over $1,850 to check the strength. If successful, you can move to $2,000.
If you don’t violate the $1,850 level, ETH will retest the $1,500 level, which will ultimately be $1,000.
Ethereum Spot ETF witnesses a strong influx amid the market volatility
At Ethereum Spot ETFs, nine ETFs experienced zero flow on March 31st, with a total net inflow of $6.4178 million. The best daily net inflow came from Fidelity’s Ethereum Spot ETF (FETH), which recorded $6.4178 million.
Feth’s historic net inflow is currently $1.411.4 million. The total asset value of the Ethereum Spot ETF is $6.282 billion, with an ETF net asset ratio of 2.86%, and a cumulative historical net inflow of $2.415 billion.
