TLDR
- ETH surged from $1,800 to approximately $1,945, currently hovering around $1,929
- Strong equity performance and $37.47M in spot ETF inflows sparked renewed buying interest
- Ted Pillows highlights that holding the $1,870ā$1,900 range is critical for a rally beyond $2,000
- The ETH/BTC pair has reversed an 11-month bearish trend, with targets between 0.032ā0.035 BTC
- Falling beneath $1,859 could jeopardize the rebound and test support at $1,828
Ethereum has experienced a notable surge in the last 24 hours, advancing from the $1,800 level to touch highs near $1,945. Currently, ETH is changing hands around $1,929, marking approximately a 6% gain from its July 21 bottom.
This upward momentum coincided with a widespread rally across U.S. stock markets. The Nasdaq Composite jumped 1.3% while the S&P 500 advanced 0.9%, driven primarily by semiconductor and artificial intelligence equities. Micron surged 12.2% and Nvidia climbed 2%, fueling increased risk appetite throughout financial markets.
Institutional demand through ETFs contributed additional momentum. U.S. spot Ethereum ETFs attracted $37.47 million in net inflows during the most recent trading session, based on SoSoValue data. BlackRock’s ETHA dominated with $52.7 million in contributions, though Fidelity’s FETH saw some withdrawals.
From a technical perspective, ETH has been confined within an upward-sloping channel since bottoming near $1,514 in late June. The 20-day simple moving average currently rests at $1,828 and has provided reliable support throughout this recovery phase.
Critical Resistance Zone Between $1,945 and $2,000
The $1,945ā$1,953 range represents the immediate hurdle ETH must overcome. Price action has challenged this territory twice without achieving a confirmed daily close above it. The 4-hour Fibonacci analysis positions the complete recovery target at $1,953.
Breaking decisively above $1,953 would activate the 100-day SMA at $1,981, with the psychologically significant $2,000 mark waiting beyond. CoinGlass metrics reveal the densest concentration of short liquidations between $1,950 and $1,960, suggesting a breakthrough could trigger rapid upside movement.
Market analyst Ted Pillows pinpointed $1,870ā$1,900 as the crucial support zone. His analysis stated: “If the $1,870ā$1,900 level holds, Ethereum could soon rally above $2,000.”
Trader Daan Crypto Trades observed that ETH has delivered superior returns versus BTC during Q3, posting gains of 22.98% against the quarter’s historical average of 8.86%. He emphasized that ETH’s current strength emerges after its most challenging first half since 2022. However, he cautioned that “BTC will have to lead the market though,” acknowledging Bitcoin’s influential role in broader cryptocurrency momentum.
ETH/BTC Reverses 11-Month Bearish Trend
Analyst Ted Pillows shared on X that the ETH/BTC trading pair has escaped an 11-month downward channel, stating “Ethereum could start outperforming Bitcoin heavily now.”
Analyst MikybullCrypto verified that Ethereum has successfully recaptured its weekly bull market support band relative to Bitcoin. Analyst Daan Crypto Trades noted that maintaining levels above 0.03 BTC would validate the breakout, with upside objectives at 0.032 and 0.034 BTC. ETH/BTC presently trades below the 0.03 threshold, indicating the breakout awaits full confirmation.
Should ETH retreat below $1,859, the subsequent support zones to monitor are $1,828 and $1,785.
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