Ethereum (ETH) prices are under pressure but roughly 7% from May 2023 lows when writing.
Currently, the most straightforward direction to take is toward the north. It is despite the current sell-off. The range between $1,760 and $1,800 can provide some support.
In the medium term, resistance is at the $2,000 and $2,100 area, which are vital reaction levels defined in the past six weeks of trading.
Overall, ETH remains in a bullish breakout formation, and the expansion of recent gains could see the coin float even higher in a buy-trend continuation.
More ETH Stakers and Old Guard Transfers
The present state of ETH could continue considering on-chain developments.
For example, more holders are opting to stake their coins in the Beacon Chain, safeguarding the mainnet.
The more there are validators, the more robust Ethereum becomes; a net positive.
Meanwhile, more dormant wallets are moving their coins to different addresses.
Earlier this week, a dormant account that held 8,000 ETH from the ICO recently moved over $14 million to another address.
It is unclear if this address shifted assets from their hardware to another provider like Trezor.
In recent weeks, news about Ledger’s delayed feature and the revelation that they can share a user’s data with authorities has been received with criticism. Already, some Ledger clients are opting for other providers.
Ethereum (ETH) Price Analysis
Technically, ETH is bullish after completing a retest following losses from mid-April.
At spot rates, the path of least resistance is upwards even with today’s losses.
ETH has support at around the $1,830 and $1,860 zone. Buyers appear to be in control after breaking above the recent consolidation, which had limited the upsides to around $1,860.
As it is, the May 28 bull bar anchors the current bullish formation. Every attempt lower towards $1,830, or May 28 lows, may offer an entry for aggressive traders targeting $1,900.
Conversely, conservative traders can wait for a solid, high-volume breakout above $1,930 to double down, targeting $2,000.
Losses below $1,830 back to the recent range with decreasing volumes and reversing gains of May 28 nullify this bullish preview.
Technical charts courtesy of Trading View.
Disclaimer: The opinions expressed do not constitute investment advice. If you wish to make a purchase or investment we recommend that you always conduct your research.
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