Ethereum price reclaims resistance; targets $1,850
Ethereum price bounced from $1,704 and reclaimed the resistance zone near $1,733, defending the $1,700–$1,710 support area. Ethereum price is trading around $1,745 (+~2.3% in 24h), after a breakout above a descending trendline on the 4-hour chart. Momentum also improved: 4H RSI rose above 55, and MACD turned bullish. Traders now focus on $1,850 as the next major resistance (aligned with the 38.2% Fibonacci level), with $1,872 highlighted as an additional near-term barrier.
Sentiment improved alongside macro catalysts: crude oil slipped below $76/barrel and U.S.–Iran talks progressed via a 60-day roadmap. Institutional interest added support, with reports that major firms (including Morgan Stanley) are advancing plans for spot Ethereum investment products. On-chain data cited whale activity: an Arkham-reported wallet withdrew $14.4M in ETH from FalconX and $7.3M in HYPE, deploying ~$21.7M total.
Key risk remains if the Ethereum price falls back below $1,700–$1,710, which could trigger a retest toward $1,620, and ultimately the June low near $1,507. While geopolitical risks are not fully resolved, staking and L2 locking may limit liquid sell pressure over time.
Bullish
Ethereum price action is improving after reclaiming a previously capped resistance zone and breaking above a multi-week descending trendline. This type of “flip resistance to support” setup historically tends to attract momentum traders and short-covering, especially when derivatives positioning turns heavily bearish before the breakout. The article also links the move to supportive macro conditions (falling oil prices and improved U.S.–Iran communication), which often reduces risk-premium and helps crypto catch bids.
Near-term, the bullish bias holds as long as Ethereum price remains above the 1,700–1,710 support. A clean hold keeps the path open toward 1,850 and potentially 1,872. However, the stated downside triggers (loss of the reclaimed support leading to 1,620 and then 1,507) mean traders should watch for failed breakouts—similar to prior cycles where quick rebounds faded when support flipped back to resistance.
Longer-term, the thesis is supported by institutional product expectations and supply-side dynamics (ETH locked in staking/L2), which can dampen sell pressure during pullbacks. Net: bullish, but conditional—watch support and macro headlines for reversal signals.