- Ethereum holds near $1,800 as analysts spotlight this zone for a bullish reversal following a steep 45% drop from 2024 highs.
- A close above $1,870 could validate upward momentum while failure to hold $1,800 risks retesting deep support near $1,350.
- ETH trades in the lower third of its long-term range, with current price action suggesting consolidation and potential for recovery.
Ethereum stands at a crucial crossroads with its price at $1,787 after an abrupt 45% retracement from 2024 highs. Having topped close to $3,800 early last year, ETH had pulled back into an important historical support area. This level, near $1,800, has become an essential battleground. CredibleCrypto and Rekt Capital now identify this area as critical to setting the stage for Ethereum’s next movement. This region corresponds to a long-term structure going back to 2023, making it a crucial point for a potential bullish reversal.
Technical Confluence Suggests Major Inflection Point
Besides price action, technical indicators align to suggest a broader structural shift may be underway. ETH currently trades inside a light blue range that has repeatedly served as support. This level previously held strong during key recovery phases throughout 2023 and early 2024.
CredibleCrypto emphasized that the move from $1,533 looks impulsive, hinting at renewed momentum. If Bitcoin breaks out, Ethereum is expected to follow. Consequently, a monthly close above the $1,870 level would confirm strength and reduce the likelihood of revisiting sub-$1,500 prices. However, if ETH loses this support zone, it could revisit the wick zone below $1,350.
Market Structure Aligns with Long-Term Recovery Potential
Moreover, the broader market structure adds depth to Ethereum’s current position. From a long-term perspective, ETH still trades in the lower third of its macro range. This range spans from $1,000 to nearly $4,400, with multiple pivotal levels in between. The orange zone at $2,196.90 remains an intermediate barrier that ETH must overcome to signal full recovery.
Additionally, recent candles show increased volatility and hesitation near $1,800, suggesting consolidation rather than collapse. Bulls need stability above this zone to establish a firm base for the next leg higher.
