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Chukwuemeka Raphael
May 10, 2022
by Chukwuemeka Raphael

Is $1,800 Ethereum's Next Critical Support Level?

Ethereum
Ethereum (ETH) is one of the top cryptocurrencies that is affected by the recent dip. It is presently trading at $2430.68 with a 24-hour decrease in the price of 0.53%. Its lowest and highest price at the time of writing in the past 24-hour according to CoinMarketCap is $2,206.76 and $2,464.46 respectively.

However, one of the major key support levels for Ethereum is the $1,800. We shall discuss the possibilities in the price of ETH if it dips to this point as seen in the chart below.

Source: https://www.tradingview.com/x/Ts2crw1i/

From the chart above we can deduce the following if Ethereum gets to the $1800 main support level:

  • A triple bottom will be formed. Since the chart pattern is a very top confluence to consider in trading a cryptocurrency or digital asset, we should expect the price of ETH to reverse and surge to about $3,022.98 at the resistance1 level, as seen from its recent performance on the chart.

  • Since, there are possibilities that analysis might not go through irrespective of the strong reasons that support it, the price of Ethereum (ETH) might dip further to about $1,282.96 at the support level before getting a bullish reversal. This reversal will be due to the action of traders and investors to buy before the next surge.

    • There could be price action at resistance1 before the market could take the following directions:

    • Surge further to close to $3,600 in reaction to more buying pressure from long-term investors and fund managers.

    • Decrease to support1 level at about $2,340.2 before getting a bullish reversal from its recent performance.

      • Conclusion

      If Ethereum gets close to $1,800 or hits it:

      • It could be bearish to about $1,282.96

      • It could surge close to $3,022.96.

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        Is $1,800 Ethereum's Next Critical Support Level?
        Chukwuemeka Raphael
        Chukwuemeka Raphael is an author and cryptocurrency news writer/analyst. As a Mathematics graduate and trained analyst, he combines his Math knowledge and strong reading culture in contributing content and analysis for the development of cryptocurrency and blockchain space.

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