Ethereum is currently testing a key resistance level at $1,796 in its Moving Average Relative Value (MVRV) pricing band. This is according to ChainCatcher's analysis of crypto analyst alicharts.
If the daily closing price surpasses this level and holds as support, it could strengthen the bullish case for Ethereum. In fact, such a move might even pave the way for a jump towards its realized price of $2,245.