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Crypto Potato 2025-05-01 16:16:44

Ethereum Price Analysis: Can ETH Take Down This Key Resistance Level?

Ethereum Price Analysis: Can ETH Take Down This Key Resistance Level?

Ethereum recently bounced off the crucial $1.5K support level, but it’s still struggling to break through the bearish order block near the $1.8K mark. If it fails to clear this resistance, another pullback could follow. Technical Analysis By ShayanMarkets The Daily Chart The price created a clear bullish reversal pattern at the $1.5K support level and quickly rallied toward the order block located at the $1.8K mark. Meanwhile, if the market experiences a rejection from the order block, the bullish fair value gap located below the price can provide support and push the asset back higher. With the 100-day MA taking a nosedive around the $2.2K level, this area is a probable bullish target for ETH on the daily timeframe. The 4-Hour Chart On the 4-hour timeframe, ETH created a clear bullish market structure shift, with the descending channel broken to the upside. An impulsive rally has taken the price from around the $1.5K area to the $1.8K level in only a few days. The $1.8K resistance zone is a critical one, as it has previously provided support for the market several times over the last few months. Therefore, a bullish breakout above this area could be the beginning of a further bullish continuation. Onchain Analysis The Ethereum Open Interest chart from CryptoQuant offers valuable insight into the current derivatives market sentiment surrounding ETH. During the last couple of cycles, Ethereum’s open interest has shown a strong correlation with price trends, rising steadily during bullish phases and dropping sharply during corrections. In recent weeks, a slight recovery is visible. The asset has rebounded to $1.8K, and open interest is climbing again toward the $12B level. This rising open interest during a price recovery signals renewed speculative positioning, possibly anticipating a breakout or continued relief bounce. However, considering past patterns, this also raises the risk of a volatile flush if the price stalls or reverses sharply again. Therefore, risk management will still be crucial in the coming weeks. The post Ethereum Price Analysis: Can ETH Take Down This Key Resistance Level? appeared first on CryptoPotato .

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