Ethereum price has retreated to a critical support zone again after its last upward attempt. Although there may be a loss of momentum in the short term, analysts believe that the upside possibility has not completely disappeared in the broader technical outlook.
Neckline region is on the agenda again
Cryptocurrency analyst Rod noted in his assessment on July 18 that Ethereum broke above the neck line in the technical formation known as cup and handle, but this break was not permanent. The price then retreated and returned to the same area.
Mini dictionary: Cup and handle is a technical formation in which the price first forms a round bottom and then experiences a short-term retreat. Analysts generally consider this structure as an outlook that indicates the continuation of the rise.
The neckline in question was located between $1,825 and $1,850. This area worked as resistance many times before the breakout. After rising to approximately $1,930, Ethereum lost its strength and fell back to these levels.
If buyers maintain the $1,825 to $1,850 band, it can be confirmed that the former resistance zone has turned into support. In this case, it seems possible for Ethereum to move towards the $ 1,900 – $ 1,950 range again and then test the $ 2,000 level.
On the other hand, it is stated that the last breakout may be considered a misleading signal if it falls below $ 1,825. In such a scenario, $1,775 stands out as the first retracement area, while $1,700 is watched as the next important support level.
| Level | Importance |
|---|---|
| $1,825 to $1,850 | Critical support and former resistance zone |
| $1,900 to $1,950 | Possible recovery target |
| $2,000 | Next major threshold |
| $1,775 and $1,700 | Supports on the downside |
Higher targets are pursued in the long-term outlook
Despite the recent pullback, Ethereum remains near the lower boundary of the ascending channel that has been shaping price action for the past few years. This structure indicates that higher levels are still on the table in the long-term technical outlook.
Another analyst, Centurion, emphasizes that Ethereum maintained the $1,537 to $1,683 range, which is seen as the weekly demand zone, and then turned above the long-term trend line. According to this evaluation, the previous sag below support is seen as more of a short-term weakness.
Ethereum needs to stay above the $1,700-$1,800 support band first. If this zone is maintained, it is possible that the market will test above $2,000 again and then approach the historical peak of $4,800.
Analysts state that if $ 4,800 is exceeded, the level of $ 6,400 may come to the agenda, and in the longer term, the upper band of the ascending channel points to the range of $ 10,000 and $ 12,000. However, the viability of this scenario remains dependent on the preservation of key support zones.
It is evaluated that if the buying zone between 1,537 and 1,683 dollars is lost, the recovery process may weaken and the price may retreat towards the $ 1,200 region. For this reason, support levels stand out as the determining factor between short-term price movement and long-term targets.
Ethereum was traded at $1,839.84 at the time of writing. The asset’s 24-hour trading volume is $7.27 billion and its market value is $222.05 billion. The price increase in the last 24 hours was recorded as 1.36 percent.
