Ethereum Could Rebound to $2,060 if $1,850 Support Holds
Minseung Kang
Summary
- On-chain analyst Ali Martinez said Ethereum rebounded after testing the lower end of its price channel, and that whether it can hold the $1,850 support level will determine the scope for further gains.
- Martinez said he is watching for Ethereum to move back toward the top of the channel near $2,060 if the $1,850 support level holds.
- Ethereum is currently trading around $1,897.82, and whether it can defend the $1,850 level in the short term was presented as the key test for whether the rebound can continue.
Forecast Trend Report by Period
Ethereum rebounded after testing the lower boundary of its price channel, with the $1,850 support level seen as key to further gains.
On-chain analyst Ali Martinez wrote on X on July 24 that Ethereum had bounced after testing the bottom of the channel.
As long as support at $1,850 holds, he is watching for a move back toward the top of the channel near $2,060.
Ethereum was trading around $1,897.82. In the short term, its ability to defend the $1,850 level will be a key test of whether the rebound can continue.
The market is also watching whether Ethereum can help restore altcoin sentiment by holding a major support level, as Bitcoin trades steadily near $65,000.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.