Ethereum traded around $1,746, experiencing a limited pullback in the last 24 hours. While the daily loss was 1.56 percent, the transaction volume remained at 9.89 billion dollars. ETH, which briefly rose above $ 1,780 during the day, could not maintain its momentum and returned below the short-term resistance zone.
The $1,800 threshold came to the fore again
In the short term, the focus of the market is between 1,780 and 1,800 dollars. In the chart shared by analyst Mizer, it is seen that Ethereum rose to this band several times but could not produce a permanent break. Repeated selling pressure from the same region indicates that sellers still remain active at these levels.
For Ethereum, the $1,780 to $1,800 band is watched as the first main resistance zone that needs to be regained in the short term.
If ETH can settle above this area, the next resistance points stand out as $1,850 and $1,900. On the other hand, if $ 1,800 is not exceeded, the price is likely to maintain its horizontal and wavy appearance for a while.
Bitfinex data shows long positions are maintained
One of the more notable signs in the market is being watched on the Bitfinex side. Cyclop shared that capital inflow into Ethereum long positions on this exchange continues and the total long position size remains at high levels around 90,000. Bitfinex is among the well-established cryptocurrency exchanges where especially large investor transactions are closely monitored.
Mini dictionary: Long position refers to the directional transaction taken by the investor with the expectation that the price will rise. If these positions remain high, it may indicate that the bullish expectation in the market has not completely dissipated.
While this outlook alone does not guarantee a sudden rise, it does show that larger players are maintaining their bullish positions despite the recent price fluctuation. As long as ETH does not lose nearby supports, the market may make a new attempt towards the resistance zone.
OBV indicator is being watched as additional confirmation
IncomeSharks emphasizes that the on balance volume, or OBV, indicator may be decisive at this stage. This indicator is used to measure whether there is buying pressure behind the price movement. If the OBV breaks upward as the price rises, it is considered a more solid signal that buyer participation is strengthening.
Stronger confirmation is sought beyond the short-term price reaction on Ethereum. It is considered that if the OBV trend line is crossed up, the movement above $ 1,800 may turn into a more permanent structure.
Analysts are watching different scenarios in wider band
In Poseidon’s evaluation, if the double bottom structure that may occur below $ 1,800 is maintained, a more ambitious scenario that extends to $ 2,500 before September is on the agenda. However, it is stated that this target is not a near-term expectation, but a broader time-frame expectation depending on the confirmation of the structure.
High long positions on the Bitfinex side, the possibility of a double bottom and the expectation of OBV confirmation show that the bullish scenario in Ethereum is not completely off the table.
On the other hand, Eliz thinks that the $1,480 to $1,380 range stands out as stronger buying areas on higher time frames. Therefore, some investors prefer to wait for either a clearer breakout around $2,000 or a possible pullback to lower demand areas.
In the short term, $1,780 to $1,800 is watched as resistance, $1,700 to $1,680 as initial support, and $1,600 as a broader support area. If Ethereum rises above $ 1,800 with volume support, the $ 1,850 and $ 1,900 levels may come to the fore again. Conversely, below $1,700 could increase the risk of a deeper correction.
