Ethereum holds key support despite price drop
- Ethereum fell below US$1,800 as Middle East tensions pushed investors away from risk assets.
- Charts still point to a possible move toward US$2,140 if resistance breaks.
- Holding above US$1,750 remains critical for the current recovery.
Ethereum (CRYPTO:ETH) fell below US$1,800 after renewed conflict between the United States and Iran increased pressure on global financial markets.
Oil prices rose above US$74 a barrel, while investors moved into safer assets, weighing on cryptocurrencies and other higher-risk investments.
“I’m going LONG on Ethereum $ETH if it breaks $1,850,” crypto analyst Ali Martinez said.
Charts still suggest Ethereum could rise toward US$2,140 if it breaks above the US$1,825 to US$1,850 resistance zone.
Analysts said US$1,750 remains the key support level, while a move below it could open the way to US$1,700 and then US$1,505.
Market data also showed a large number of short positions between US$1,840 and US$1,860, which could add buying pressure if those levels are broken.
Ethereum's near-term outlook remains tied to geopolitical events and broader market sentiment as traders watch developments in the Middle East.
At the time of reporting, Ethereum price was $1,781.86.
