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Ethereum (ETH) Price Surge Imminent? $1,850 Level in Sight
The cryptocurrency market has recently witnessed a significant shift in momentum, with many assets experiencing substantial gains. Ethereum, the second-largest blockchain network by market capitalization, is not an exception to this trend. In fact, ETH’s price surge appears imminent, as the asset may be poised to reach the $1,850 level.
To begin with, it’s essential to acknowledge that the recent tariff pause by the U.S. President has had a profound impact on the overall market sentiment. This news has contributed to an 13% gain in Ethereum’s value over the past day alone, which is nothing short of remarkable.
In terms of the asset’s current price action, it appears as though the downtrend that had been persisting for some time may finally be reversing course. At the time of writing, ETH was trading at around $1,670, having gained a significant 85% in trading volume over the past day.
While some might argue that Ethereum is still trading below its 200-day Exponential Moving Average (EMA) on the daily timeframe, indicating that it remains in a downtrend, it’s essential to recognize that this trendline has been breached. In other words, ETH’s price action may have finally broken free from its bearish momentum.
Furthermore, analysis from Coinglass suggests that traders are overwhelmingly bullish on Ethereum at present. The ETH long/short ratio stands at 1.03, implying that there is an abundance of long positions compared to short ones. This phenomenon alone may be enough to fuel further price appreciation in the coming days.
Indeed, this sentiment is reinforced by the fact that traders have already leveraged themselves heavily on both sides, with a staggering $516 million and $80 million worth of long and short positions, respectively. These figures are nothing short of astonishing, given the recent market conditions.
In light of these circumstances, it appears as though Ethereum’s price may be poised to reach an all-time high at $1,850 in the coming days. While some might argue that this level is ambitious, it’s essential to recognize that market sentiment has shifted dramatically over the past 24 hours.
While no one can predict with certainty whether or not ETH will actually touch this level, one thing is clear: there is a significant amount of support and resistance in place to make such an event possible.
Source: https://coinpedia.org/price-analysis/ethereum-eth-price-surge-imminent-1850-level-in-sight/
