Ethereum Holds Strong at $1,800: Is a Rally to $2,000 on the Horizon?

Despite recent volatility across the crypto market, Ethereum (ETH) continues to demonstrate resilience above the key $1,800 level. As of now, ETH trades near $1,805, showing strength amid consolidation and setting the stage for a potential breakout. This stability is fueling renewed interest in Ethereum price prediction, with many analysts anticipating a move toward higher levels in the near term.

The upcoming Pectra upgrade is expected to enhance Ethereum’s scalability and performance, sparking renewed optimism among investors. This upgrade could act as a major catalyst, potentially propelling ETH beyond $2,000.

On the 4-hour chart, ETH is moving sideways above a strong demand zone between $1,754 and $1,765. This area, supported by the 200 EMA, has provided multiple bouncebacks, reinforcing bullish sentiment. The consolidation range has an upper resistance near $1,855. A breakout above this level could trigger a bullish move towards the 78.60% Fibonacci level at $1,949, and possibly the $2,100 swing high.

Although the RSI indicator shows waning momentum and struggles to stay above the midpoint, a bullish EMA crossover could signal a fresh leg up. On-chain indicators further strengthen the bullish outlook.

Accumulation addresses have increased their ETH holdings by 22.54% from March to May, despite unrealized losses. This strong conviction signals growing investor confidence.

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The macro trend oscillator reveals weakening bearish momentum on the 3-day chart. Historically, such shifts have preceded significant price recoveries.

Additionally, IntoTheBlock’s In/Out of the Money data highlights a key resistance zone between $1,805 and $1,857, involving 5.85M ETH across 4.48M addresses. However, beyond this, overhead supply is lighter, suggesting that a break above this range could allow ETH to rally smoothly towards $2,000 and beyond.

With solid technicals and strong on-chain support, Ethereum could be gearing up for a bullish breakout. Will the Pectra upgrade ignite the next major ETH rally?