Ethereum price opened trading below the $1,800 mark on Friday and was up marginally by 0.8% on the daily chart despite gaining more than 12% in the last week. Nonetheless, the momentum on the product is upbeat, with the daily RSI at 53. That said, the coin will need to breach the psychological $1,800 resistance mark and flip it into a support level.
Ethereum Price Momentum Favours the Downside
Meanwhile, Ethereum’s spot ETF’s recorded the largest net inflows in three weeks on Thursday. Its nine traded ETFs had a combined $63.50 million worth of net purchases, advancing the rising institutional interest in the coin. Also, Coinanalyze reports that Ethereum’s Open Interest contracts grew by 0.82% in the last 24 hours to reach $9.8 billion. That adds credence to the likely continuation of Ethereum price upside.
On the downside, Ethereum chain’s DeFi activity contracted in the last 24 hours, pointing to reduced utility for ETH. According to DeFiLlama, the Ethereum’s Total Value Locked (TVL) declined by 1.2% in the last 24 hours, pointing to reduced utility for ETH coins. That momentum will likely keep ETH price under pressure in the near-term.
In addition, Ethereum’s net exchange flows have grown from -$156 million to -$86 million in the last two days. That shows more ETH are flowing back to exchanges, signaling rising selling pressure. That adds to the likelihood that Ethereum price will struggle to breach the $1,800 barrier.
Ethereum Price Prediction
Ethereum price pivots at $1,800 and resistance at that level signals control by the sellers. Immediate support will likely be at $1,745. However, a stronger momentum will break below that level and could take the action lower to test $1,700.
On the other hand, breaking above $1,800 will shift the momentum to the upside. With the buyers in control, the first barrier will likely be at $1,836. The upside narrative will be invalid if action goes above that level. Also, an extended control by the buyers could extend gains to test the second resistance at $1,876.
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