Ethereum's price has been hovering below $1,800 as traders wait for U.S. inflation data to be released.
Analysts predict a breakout above $1,850 could trigger short liquidations and pave the way for Ethereum to reach $2,200.
The cryptocurrency's chart structure shows promise, with a double-bottom formation on the daily chart suggesting a potential rebound.
However, macro conditions remain uncertain, and investors are warned of volatility ahead of the inflation release.