Ethereum Price Hits Critical Resistance at $1800

Ethereum's price has recovered from yesterday's sharp sell-off and is now testing the critical $1,800 resistance level. The cryptocurrency had fallen to nearly $1,728 following a significant Bitcoin sale, but has since bounced back toward $1,800.

This resistance zone has rejected Ethereum five times over the past month, raising questions about whether this will be the breakout that finally sends ETH toward its next target of $2,245.

Crypto analyst Ali Martinez believes Ethereum is testing the 0.8 MVRV Pricing Band, located around $1,796, which has become a key resistance level on the chart. According to Martinez, Ethereum's bullish rally could begin once it successfully closes above this resistance and turns it into support.

If Ethereum breaks above both the 0.8 MVRV Pricing Band and another key resistance, known as the TD Sequential Risk Line, near $1,816, the next resistance comes around $1,844, which marks the top of the current trading channel. Clearing all three resistance levels could open the door for a move toward Ethereum's Realized Price near $2,245.