- Ethereum stalls below $1,880 as resistance at 0.618 Fib and 50-day EMA caps upside attempts.
- Pectra upgrade launches with usability upgrades but sees limited price response from the market.
- ETH trades at $1,769 as traders await the May 7 FOMC meeting for the next macro-driven price move.
Ethereum is currently stuck in a narrow trading range, with $1,880 identified as the next critical level for bulls to clear. Despite ongoing technical challenges, Ethereum remains under pressure after multiple rejections near key resistance. Market watchers are focused on upcoming macroeconomic events and the May 7 Pectra upgrade.
Ethereum Faces Resistance at $1,800 as Traders Monitor Key Price Levels
Ethereum’s price continues to move sideways after rejecting from the 0.618 Fibonacci retracement level. This resistance zone aligns with the 50-day EMA and daily horizontal barriers.
According to Crypto_Twittier on X, Ethereum is facing “very critical levels” as it trades near its 50-day exponential moving average and resistance. The loss of the point of control (POC), identified as the highest-volume node in the current range, shows weakening buyer interest.
Ethereum has now rolled below this level, and sellers appear to have short-term control. The current bearish structure is supported by lower highs and failed breakout attempts. Based on analysis from TradingView, the next support could be near $1,540.
Pectra Upgrade Rolls Out as Market Awaits FOMC Clarity
Ethereum is launching its Pectra software upgrade, which brings several usability improvements. These include better staking tools, smarter wallets, and cheaper data storage. According to Bloomberg, this is Ethereum’s largest upgrade to date in terms of proposed changes.
Edein Chin of Parataxix Capital noted, “It’s a welcome software upgrade but alone not likely to drive Ethereum’s price meaningfully higher.” While the upgrade improves functionality, the market has shown little reaction so far. At the time of writing, ETH trades at $1,769, reflecting a 2% daily decline.
Crypto analyst Michaël van de Poppe linked the recent price drop to expectations surrounding the May 7 FOMC meeting. He posted, “That’s why $ETH and the altcoins continue to go down.” Traders now await further price action to see if bulls can reclaim control and push above $1,880.
