Here is a technical analysis of ETH/USDT on the daily timeframe:
Market Overview
Ethereum has entered a short-term consolidation phase after failing to sustain momentum above the recent swing highs. Since last week’s report, ETH successfully rallied toward the $1,980-$2,000 resistance zone, but buyers were unable to secure a decisive daily close above this major psychological level. Profit-taking emerged near the trendline resistance, leading to a mild pullback.
At the time of writing, ETH is trading around $1,873, remaining above the key $1,840-$1,850 support zone, which previously acted as breakout resistance. Although momentum has cooled, the broader bullish market structure remains intact.
Technical Analysis
Over the past week, Ethereum attempted to extend its rally after confirming the breakout above $1,850. The move reached the underside of the long-term descending trendline near $1,980, where sellers stepped in and rejected higher prices. Despite this rejection, an important technical development occurred during the pullback. Price revisited the previous breakout area around $1,850 (highlighted on the chart), and buyers once again defended this zone, resulting in another successful retest. This indicates that the former resistance continues to act as support, a positive sign for the medium-term trend.
However, the inability to break above $2,000 has resulted in a series of smaller-bodied candles, suggesting indecision between buyers and sellers. Momentum has slowed compared to last week, and Ethereum is currently consolidating just above support rather than continuing its impulsive advance. The daily chart continues to maintain a sequence of higher lows, indicating that the broader bullish structure remains intact. Nevertheless, buyers now need to reclaim the $1,930-$1,950 region before another challenge of the $2,000 resistance becomes likely. Volume has also moderated following the breakout, which is typical after a strong directional move. The next expansion in volume will likely determine whether Ethereum resumes its uptrend or enters a deeper correction.
Also Read: New VDA Regulatory Push: What India’s Parliamentary Panel Proposed
Outlook
The short-term bias remains cautiously bullish, but further confirmation is still required. If Ethereum continues to hold above the $1,850 support zone, buyers may attempt another move toward $1,950, followed by a fresh test of the $2,000 psychological resistance. A convincing daily close above $2,000 would likely accelerate momentum and open the path toward $2,100-$2,200.
On the other hand, if sellers push the price below $1,850 on a daily closing basis, the recent breakout would lose strength. In that scenario, Ethereum could retrace toward the next demand area around $1,750, where stronger buying interest may emerge. For now, the market appears to be consolidating after its recent gains rather than signaling a confirmed trend reversal.
At the time of writing, ETH was trading at approximately $1,873.
Summary: Ethereum has transitioned from a strong breakout phase into a consolidation phase. The rejection near $2,000 has temporarily slowed bullish momentum, but buyers continue to defend the crucial $1,850 support established during last week’s breakout. As long as this support holds, the overall daily structure remains positive, and another attempt toward $2,000 remains the higher-probability scenario. A decisive break above that level would strengthen the bullish outlook, while a close below $1,850 would increase the likelihood of a deeper corrective move.
Support and Resistance Levels
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2 |
| $1,750 | $1,850 | ETH | $2,000 | $2,200 |
In the grand scheme of things, ZebPay blogs are here to provide you with crypto wisdom. Get started today and join 6 million+ registered users to explore endless features on ZebPay!
