Ethereum Price Broke Past $1,800 Despite Higher Demand At Lower Levels

Ethereum price flashed recovery over the last 24 hours after it witnessed consolidation at the $1,800 price mark. Over the last week, ETH logged 20% appreciation. It has been a bullish week for the king altcoin. The last time the altcoin traded around this price level was almost two months ago. It had failed to topple over the $1,900 zone and had retraced shortly after that. The robust support line for Ethereum price was at $1,600. Ethereum price could possibly witness a sharp change once the Ethereum Merge goes live next month. The Merge is the transition from proof-of-work to proof-of-stake has been a highly anticipated event for the Ethereum community. This shift from proof-of-work shall diminish the altcoin’s power consumption by almost 99.5%. If the price of Ethereum manages to stay above the $1,900 mark for a substantial period of time, the coin will manage to touch the $2,000 mark price ceiling. Ethereum Price Analysis: Four Hour Chart ETH was trading at $1,918 at the time of writing. The coin had finally managed to move past the $1,800 price region. Ethereum price has to maintain momentum over the $1,900 mark in order to touch the $2,000 price mark. Overhead resistance for the coin was at $1,970. Local support level for the coin was at $1,700 and then at $1,600 respectively. Incase ETH loses vigour and falls to the $1,600 mark, the inability to sustain at that price level can push the coin to $1,300. The amount o...