Ethereum Eyes $1,875 as Bulls Triggers Recovery From $1,775

Ethereum (ETH) is trading at $1847.16, showing strength with a 24-hour high of $1853.55 and a 2.47% increase. Buyers are stepping in and trying to put the price higher.

Ethereum is consolidating near the $1,850 level after experiencing a significant correction from its recent high above $2,090. The trading volume has also risen by 29.55% in the last 24-hour period.

Can ETH Overcome Bearish Pressure to Hit $2,000?

Ethereum just had its worst Q1 in the last 7 years, facing a decline of -44%. Furthermore, the ETH price has also fallen below a key support structure, an ascending triangle.

The pattern formed throughout March and held multiple spikes. Typically a bullish formation, the triangle failed to break out to the upside.

The breakdown opens the door to a move toward $1,690, which is derived from the formation’s high.

The 20-day EMA currently is at approximately $1,902, just above the current price of $1,848.69. This short-term indicator has recently turned downward, suggesting immediate bearish pressure.

The 50-day EMA is at around $1,956, forming a significant resistance barrier. This medium-term indicator maintains a slight downward slope, confirming the broader bearish bias that has developed since late March.

The RSI currently sits at 45.42, standing in a neutral zone after recovering from oversold conditions around March 30. The indicator has been trending upward from the low of 29.98, suggesting a potential shift in momentum

Inverted Head and Shoulders Pattern Signals Bullish Reversal

The 1-hour ETH chart displays a clear inverted head and shoulders pattern that has formed between March 29-31, with the left shoulder at approximately $1,810, the head dipping to around $1,775, and the right shoulder at the $1,805 level.

This bullish reversal pattern has triggered a breakout, pushing Ethereum from its recent low to the current price of $1,856.79. The neckline of this pattern at $1,825 has been decisively broken, with increased buying momentum suggesting a potential short-term target around $1,875-1,880.

Key Price Targets For Ethereum

Key support levels are visible at $1,820 and $1,828, which must hold to prevent further decline. Major resistance zones are established at $1,956, $2,090, and the psychological $2,100 level, with the $2,090 area proving particularly challenging for bulls to overcome.

ETH must register a 4-hour candle closing above $1,850 to confirm strength. If successful, a move towards $2,000 becomes likely.

Failure to breach the $1,850 level could lead ETH to retest the $1,500 level and eventually go towards the $1,000.

Ethereum Spot ETFs Witness Strong Inflows Amid Market Volatility

Ethereum spot ETFs saw a total net inflow of $6.4178 million on 31st March, with the nine ETFs experiencing a net zero flow. The highest single-day net inflow came from Fidelity’s Ethereum spot ETF (FETH), recording $6.4178 million.

FETH’s historical total net inflow now stands at $1.414 billion. The total net asset value of Ethereum spot ETFs is $6.282 billion, with an ETF net asset ratio of 2.86% and a cumulative historical net inflow of $2.415 billion.

Written by
Sahil Mahadik

As a full-time trader with over three years of hands-on experience in the financial markets, I have honed an exceptional proficiency in technical analysis, which is the cornerstone of my daily monitoring of price fluctuations in leading assets and indices. My journey into trading began with a deep fascination for financial instruments, and this curiosity naturally expanded into the ever-evolving world of cryptocurrencies. I am currently contributing to CryptoNewsZ and have also written for Coingape, The Coin Republic and TheMarketPeriodical. I am driven by my passion for the markets and want to explore new opportunities, I analyze emerging trends and strategies to get maximum returns in traditional and crypto markets.