Ethereum Price Prediction as ETH Builds Strong Support at $1,800 Level – When is the Next Leg Up?

cryptonews.com:

The Ethereum price has risen by 1.5% in the past 24 hours, with its move to $1,881 coming as the wider cryptocurrency market also sees a modest gain today.

ETH is now down by 3.5% in the past week but up by 7% in the last 30 days, with the altcoin holding firmly above the $1,800 support level in the face of recent market-wide losses.

And with Ethereum arguably being the strongest altcoin in the market in terms of its fundamentals, it's set to resume rallying again once the market enters more favorable conditions.

ETH has undoubtedly struggled in the past week or so (along with the rest of the market), but its indicators are now showing signs of picking up.

For example, ETH's relative strength index (purple) has now risen above 50 and looks like it's still climbing, implying that further gains are likely to follow as the altcoin accumulates further momentum.

There's also ETH's 30-day moving average (yellow), which is about to fall below its 200-day average (blue), and when it does it will indicate the bottom of the coin's recent dip.

It's likely that this bottom isn't too far away either, given that ETH's support level (green) has held up well in the past couple of weeks, with the coin not looking at all like it will breach the $1,800 level.

As such, ETH could be expected to see gains in the very near future, with the coin potentially returning to $1,900 or $1,950 in the next few days.

And in the longer term, there's little doubt that ETH is one of the best-placed altcoins to enjoy sustained increases, with Ethereum's fundamentals remaining the stronger than those of its rivals.

For one, ETH has been deflationary since the Merge was successfully rolled out last year, with recent data suggesting that its overall supply has actually