Ether (ETH)’s rally was halted at the end of Monday due to strong overhead resistance just above $2,000, as a technical setup suggested a downside momentum if the ETH/USD pair breaks below $1,800.
Key considerations:
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ETH price needs to break above $1,800 to avoid further declines.
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Ether’s bearish charts and onchain indicators align with ETH prices above $1,500.
ETH Price: $1,800 remains a key level to watch
The cost-based Ether distribution heatmap shows strong support recently established around $1,800. About 1.23 million ETH have been acquired here at an average price of $1,890 in the last 30 days.
This zone is now a strong support for ETH which, if broken, will likely retest the February lows.
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CoinGlass data shows short liquidations of more than $120 million over the past two days, clearing excess leverage. Now, $624 million in total long-term liquidation is over $1,800, creating a liquidity pocket below the spot price.
CryptoQuant analyst Maartunn spotted 67,000 ETH worth about $130 million sitting just above the spot price, reinforcing the importance of this support zone.
The ETH price triangle pattern is targeting $1,500
From a technical point of view, the $1,800-$1,900 support zone coincides with the downward trend line of the symmetrical triangle on the daily chart.
If the bearish momentum persists, the ETH/USD pair may break below the lower border of the triangle at $1,850 to test the support at $1,750, which was the multi-year low reached on February 6.
Below, ETH may decline to the measured triangle target at $1,400, 28% from the current price.
Meanwhile, Ether’s extreme price deviation bands from MVRV indicate that the price of ETH will continue to decline until investors’ unrealized profit reaches the extreme level or around $1,650, as shown in the chart below.
During the past bear markets, ETH always moved below the MVRV bands, as seen in 2018 and 2022.
If this happens again, the bottom of the ETH price for the current period could be below $1,650, which is in line with the symmetric triangle target mentioned above.
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