Ethereum (ETH) tests $1,800 for the 'fifth time'... Will it pass this time?

▲ Ethereum (ETH)

Ethereum (ETH) is attempting to break past $1,800 for the fifth time in a month. Although it has repeatedly been blocked by selling pressure, an analysis suggests that if it surpasses $1,816, the path towards $2,245 could open.

According to FXLeaders on July 7 (local time), Ethereum is retesting the resistance zone of $1,796-$1,830. It has approached this zone five times in the past month, but buying pressure has not been strong enough to drive a breakthrough.

The current trend leading up to this rebound was different from previous ones. Following news that Strategy sold $216 million worth of Bitcoin (BTC), Ethereum plummeted to approximately $1,728. It then quickly recovered to around $1,800.

Analyst Ali Martinez pointed to $1,796 as the 0.8 price band of Market Value to Realized Value. This price level has previously served as a key support and resistance. Martinez analyzed that the trend would change only if the daily closing price surpasses $1,796 and then breaks through the TD Sequential Risk Line near $1,816.

If these two price levels are overcome, the next barrier is the top of the current channel, around $1,844. Martinez suggested $2,245, near the realized price, as the next major target if $1,844 is broken. Analyst Michael van de Poppe analyzed that Ethereum is forming a W-shaped recovery structure. He also noted that Ethereum's relative performance against Bitcoin is the strongest it has been in about a year.

A total of $64.5 million flowed into US spot Ethereum ETFs for three consecutive trading days. BlackRock's ETHA led the inflows with $23.3 million. As Ethereum repeatedly tests the $1,800 level, where it has been blocked, $1,796 and $1,816 have been presented as key zones that will determine the next price movement.

[Key Summary of the Article]

-Ethereum has attempted to break through the $1,800 level five times in a month but has been blocked by selling pressure.

-If $1,796 and $1,816 are broken, a path to $2,245 via $1,844 has been suggested.

-A total of $64.5 million has flowed into US spot Ethereum ETFs for three consecutive trading days.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*