Ethereum price today: $1,810
- Ethereum showed strength in the recent financial market decline, trading above $1,800 despite Fed Chair Jerome Powell’s hawkish statements.
- ETH could see a turnaround if cryptocurrencies hold steady amid global trade war tension.
- ETH bulls are attempting to hold the $1,800 key level after a brief decline to $1,760.
Ethereum (ETH) showed resilience heading into the weekend, trading above $1,800 on Saturday despite the impact of Trump’s tariff announcements sparking heavy losses across the stock market and in precious metals.
ETH shows strength amid stock market turmoil
While ETH — like most top cryptos — held steady heading to the weekend, the S&P 500 fell nearly 6%, stretching its market capitalization decline to $5.06 trillion in the past two days. The Nasdaq-100 and Dow Jones saw heavy corrections, down 20% and 10%, respectively, from their all-time highs recorded in December. Gold and Silver also declined, dropping by 2.5% and 7.1%, respectively.
The losses across the financial market accelerated after Federal Reserve (Fed) Chair Powell’s hawkish statements at the Society for Advancing Business Editing and Writing conference in Virginia. Powell stated that the “larger-than-expected” tariffs could heighten inflation and slow growth, adding that the Fed will employ a “wait-and-see” approach to policy decisions.
“We are well positioned to wait for greater clarity before considering any adjustments to our policy stance. It is too soon to say what will be the appropriate path for monetary policy,” said Powell.
The statement increased expectations of recession, hence, the decline across stocks.
The resilience seen in Ethereum, and by extension, the crypto market, indicates investors are seeking a hedge for which crypto may be suited.
Ethereum was one of the top-performing assets in the brief COVID-induced recession of 2020, even outperforming Bitcoin (BTC) with a 460% gain. As a result, ETH could see a turnaround in the next few weeks if crypto holds steady amid global trade war tension — especially with the Pectra mainnet upgrade set for May 7.
ETH has been suffering from weak sentiments in the past months, underperforming top cryptos, including Bitcoin, XRP and Solana (SOL), during the recent post-election crypto rally. It also declined faster after the market saw a correction in late January, dropping nearly 55%, while BTC only declined by ~27%.
Ethereum Price Forecast: ETH traders wage war at $1,800 key level
Ethereum saw $43.24 million in futures liquidations in the past 24 hours, per Coinglass data. The total amount of long and short liquidations is $20.84 million and $22.41 million, respectively.
Buyers are attempting to defend the support level near $1,800, quickly pushing prices back above it within the past few hours after briefly dropping to $1,760.
ETH/USDT daily chart
If bulls continue defending this level, ETH could test a descending trendline resistance extending from March 24. A firm move above the trendline that establishes it as support could help ETH regain bullish momentum and test the $2,069 key resistance.
On the downside, ETH could fall to $1,500 if bulls fail to hold the $1,800 support.
The Stochastic Oscillator (Stoch) is in the oversold region, indicating dominant bearish momentum and a potential for a reversal. Meanwhile, the Moving Average Convergence Divergence (MACD) histogram is just above its neutral level. ETH could see a recovery if the Stoch exits oversold conditions and the histogram bars remain above their neutral level.
Ethereum FAQs
Ethereum is a decentralized open-source blockchain with smart contracts functionality. Its native currency Ether (ETH), is the second-largest cryptocurrency and number one altcoin by market capitalization. The Ethereum network is tailored for building crypto solutions like decentralized finance (DeFi), GameFi, non-fungible tokens (NFTs), decentralized autonomous organizations (DAOs), etc.
Ethereum is a public decentralized blockchain technology, where developers can build and deploy applications that function without the need for a central authority. To make this easier, the network leverages the Solidity programming language and Ethereum virtual machine which helps developers create and launch applications with smart contract functionality.
Smart contracts are publicly verifiable codes that automates agreements between two or more parties. Basically, these codes self-execute encoded actions when predetermined conditions are met.
Staking is a process of earning yield on your idle crypto assets by locking them in a crypto protocol for a specified duration as a means of contributing to its security. Ethereum transitioned from a Proof-of-Work (PoW) to a Proof-of-Stake (PoS) consensus mechanism on September 15, 2022, in an event christened “The Merge.” The Merge was a key part of Ethereum’s roadmap to achieve high-level scalability, decentralization and security while remaining sustainable. Unlike PoW, which requires the use of expensive hardware, PoS reduces the barrier of entry for validators by leveraging the use of crypto tokens as the core foundation of its consensus process.
Gas is the unit for measuring transaction fees that users pay for conducting transactions on Ethereum. During periods of network congestion, gas can be extremely high, causing validators to prioritize transactions based on their fees.
