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The price of Ethereum ($ETH), the leading market altcoin, has reclaimed the psychological level of $1,800. This price recovery follows recent enthusiastic sentiment on the broader crypto market. As a result, $ETH investors and analysts are now questioning whether the sell-off trends are over.
$ETH regains stability
Recent data from CoinMarketCap shows Ethereum has jumped from its $1,500 lows to $1,800. This sharp rise appears to be a bullish rally, signaling the end of the latest Ethereum sell-off trends. Within the past seven days, the price of $ETH has increased by over 10.6%.
Ethereum recently experienced one of the biggest daily volume spikes in recent memory, and the price has breached key resistance levels. Typically, such movements excite traders and suggest a breakout or trend reversal.
$ETH traded at $1,805 at press time, down slightly by 0.25% in the past 24 hours. The daily trading volume increased by 6.69%, indicating renewed investor interest.
Is Ethereum sell-off pressure over?
While market observers expect a more bullish rally, Ethereum still faces technical challenges. First, the price of $ETH has consistently faced rejection between $1,850 and $1,900. The altcoin faces selling pressure with each attempt to overcome this level.
Ethereum is also trapped below important averages like the 20, and 50-week Simple Moving Averages (SMAs). The current price of $1,805 is well below both the 50-week SMA, which is $2,850, and the 20-week SMA, which is $2,560.
Historically, price drops below these averages continue the bearish trend, making any sustained upward move much more difficult. Therefore, $ETH could remain stuck at the current level or even drop further, but without drastic changes.
However, Ethereum’s breakout above $1,800 represents a major change in the asset's chart structure rather than merely a bounce. This breakout, accompanied by increased volume, shows that bulls are acting decisively.