Ethereum maintained its position near $1,880 on Thursday, with daily trading volumes approaching $4.89 billion. The cryptocurrency, second only to Bitcoin in market value, has continued moving sideways for several weeks, holding a defined range between support at $1,850 and resistance above.
ETH
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AAPLKey support and resistance levels
Market analyst Ted pointed out that Ethereum has repeatedly defended the $1,850 support, which has emerged as a pivotal level for bullish traders seeking further upside. A sustained hold above this area has so far favored buyers, preventing deeper pullbacks.
The next significant obstacle lies at $1,920. If Ethereum can decisively clear this resistance, especially on high trading volume, many expect the price to push toward the psychological $2,000 mark. Conversely, failure at this resistance could prompt a decline to the $1,750 region.
Analyst Altstreet Bets suggested that Ethereum may avoid a drop to $1,750 previously anticipated by some market watchers. He views the current consolidation between $1,850 and $1,900 as constructive accumulation, preparing the groundwork for a potential rally toward the $2,300–$2,400 range once resistance gives way.
Ethereum’s current accumulation range could serve as a launchpad for a move toward $2,300–$2,400 if it can break above immediate resistance, Altstreet Bets believes.
Technical chartist James Easton noted that Ethereum’s seller exhaustion metric has fallen to levels last seen in 2015. This indicator suggests that sustained selling pressure may be waning, though it does not guarantee a market bottom.
Mini dictionary: Seller exhaustion metric, a technical indicator that measures the persistence of selling activity in a market, often used by analysts to spot potential trend reversals when selling pressure starts to diminish.
On-chain activity surges
Data from Ali Charts shows Ethereum’s daily new addresses climbed sharply within just over a week, increasing from 121,210 on August 8 to 212,560 by August 16. This represents an approximate 75% increase, indicating notable expansion in user participation on the network.
Sustained increases in new addresses are among the strongest on-chain indicators of user adoption and have historically preceded major price rallies, Ali Charts remarked.
| Date | New Ethereum addresses |
|---|---|
| August 8 | 121,210 |
| August 16 | 212,560 |
This surge in network activity reflects growing engagement with decentralized finance, decentralized applications, and other ecosystem projects. The rise in address creation has sparked discussion about renewed retail and institutional interest in Ethereum, with participants watching for sustained inflows into the asset and related protocols.
According to Ali Charts, $1,580 stands out as critical longer-term support. Since bouncing approximately 26% from that point, Ali identified $3,000 as a possible bullish target, contingent on continued technical strength.
Bears argue downside risks persist
However, not all analysts share the bullish sentiment. CryptoBullet argued that Ethereum remains within a broader bearish trend and could drop toward $1,210 by November if it remains unable to reclaim its 21-week exponential moving average. This indicator, widely followed in technical analysis, currently marks a ceiling for further advances.
Mini dictionary: 21-week exponential moving average, a trend-following indicator that gives more weight to recent prices, often used by traders to spot medium-term support and resistance in an asset’s price.
Trader Daan Crypto Trades noted on X that Ethereum’s volatility has fallen to exceptionally low levels. He views the current prolonged sideways movement as highly unusual for ETH and expects a large breakout in either direction soon based on past precedent.
At the time of writing, Ethereum traded at $1,883, reflecting a slight 0.14% dip in the past 24 hours. The cryptocurrency’s total market capitalization stood at $226.67 billion.
