Ethereum Gains 14.5% But Faces $1,828 Resistance

Ethereum has shown resilience with a 14.5% gain over the past week, but it faces a critical resistance level at $1,828. This resistance level is significant as it could determine whether Ethereum continues its upward trajectory or enters a consolidation phase. If Ethereum can successfully break through the $1,828 mark, it could target higher levels at $1,954 and $2,104. However, if it fails to overcome this resistance, it may face a period of consolidation or even a correction.

The BBTrend indicator, which measures market strength relative to Bollinger Bands, has declined from 11.83 to 8.77. This decrease suggests that while the bullish structure remains intact, momentum is starting to fade. The sustained positive reading over the past three days indicates that buyers are still in control, but the market is likely entering a consolidation phase. This phase allows traders to reassess their positions before the next directional move.

Whale wallet counts, defined as those holding between 1,000 and 10,000 ETH, have stabilized at 5,458. This stability suggests that large holders are awaiting a significant catalyst before making any substantial moves. The steady whale count indicates a wait-and-see approach among significant stakeholders, which can lead to reduced volatility and price consolidation until a definitive market trigger appears.

Monitoring whale activity is crucial as these large holders can greatly influence market trends. A stable whale population implies a momentary neutral stance, which could lead to reduced volatility and price consolidation until a definitive market trigger appears. The current setup of Ethereum’s Exponential Moving Averages (EMAs) is bullish, with shorter EMAs positioned above longer ones, suggesting positive momentum.

Ethereum recently faced resistance around the $1,828 mark, failing to break through on its last attempt. A successful test of this level could pave the way for subsequent targets at $1,954 and $2,104. Breaking above the psychological threshold of $2,000 would be a significant milestone, marking a return above this key level for the first time since March 27. However, should momentum decrease, Ethereum could retrace to the $1,749 support level, with further declines likely if this threshold fails to hold.

In a bearish scenario, deeper supports at $1,537 and $1,385 could come into play, emphasizing the need for traders to remain vigilant regarding market dynamics. The next few days will be crucial for determining whether Ethereum can break through its resistance or if a correction might be on the horizon. Keeping an eye on these indicators will be essential for traders looking to navigate this volatile environment effectively.