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Ethereum [ETH]: Bears and bulls tussle for $1800 – what is the way ahead

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Ethereum [ETH] aggressively defended the $1800 support as BTC declined to $26k. But will ETH bulls gain leverage amidst elevated macro headwinds?

Ethereum [ETH]: Bears and bulls tussle for $1800 - which way for ETH?

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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

  • ETH dropped below 50-EMA but was checked by 100-EMA. 
  • A positive CVD spot could offer bulls slight hope. 

The second largest digital asset based on market cap, Ethereum [ETH], is weathering the current strong macro headwinds better than Bitcoin [BTC]. For perspective, ETH’s weekly loss was about 5% at press time, according to CoinMarketCap. 


Is your portfolio green? Check ETH Profit Calculator 


Source: Coin360

In the same period, BTC depreciated by about 7%; thus, the king coin was hammered more than the ETH – further reinforcing ETH’s decoupling from BTC. But Binance Coin [BNB] outperformed both assets on the weekly front. 

Despite the corrections, the Crypto Greed and Fear index was “neutral” with a value of 48 at press time, compared to the “greed” position last week (7-14 May). 

Will bulls continue defending $1800?

Source: ETH/USDT on TradingView

A short-term downside couldn’t be overruled with price action below the 50-EMA (Exponential Moving Average) and the RSI hovering below the 50-mark. 

Notably, short-term holders could panic-sell their ETH holdings if market sentiment deteriorates in the coming days/weeks. 

ETH’s market structure’s first sign of weakness will be a breach and daily session close below the 100-EMA of $1764 (yellow line). Such a downswing could sink ETH to $1700. The second telltale sign of weakness will be a close below $1700, which could depreciate ETH to $1500. 

On the upside, bulls could feel relieved if they push ETH above the 50-EMA of $1845 (blue line). Such a move could fuel hopes of reclaiming the $2000 psychological level and dent any prevailing bearish sentiment. 

Meanwhile, CMF (Chaikin Money Flow) hovered near zero after retreating from the negative zone – capital inflows improved but wavered in the past few days. Similarly, the OBV was also flat, meaning demand wavered – suggesting a likely short-term consolidation. 

Positive aggregated CVD means …

Source: Coinalyze

According to Coinalyze, the aggregated CVD (Cumulative Volume Delta) spot, which tracks buyer/seller activities alongside overall sentiment, was positive. 

The metric has been negative since 3 May, but flipped to positive on 12 May after the price hit the $1800 support level. It shows buyers have been in charge for the past two days.  


How much are 1,10,100 ETHs worth today?


On the liquidation side, long positions worth $2.5 million were wrecked in the past 24 hours, compared to $1.9 million in short positions. This development depicts a mild bearish sentiment that could undermine a strong ETH recovery. 

Macro traders following ETH/USDT would want to watch out for the US debt ceiling woes alongside the US Retail Sales data scheduled for Tuesday (16 May), which will affect all USD/USDT pegged assets/pairs. 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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