Ethereum (ETH) has risen about 25% in the past 24 hours, retesting the $1,800 resistance—a level that, if breached, could mark the start of the token’s next leg higher.
The market appears to be focused on price action rather than rising geopolitical tensions between the United States and Iran. President Trump said the U.S. will resume negotiations with Iran but will not agree to another ceasefire.
Trading volumes for ETH spiked by 20% today as the token retested the $1,800 level. At $9.3 billion, they account for 4.3% of the asset’s circulating market cap, implying an active market.
None of these indicators is providing enough evidence yet of a real recovery, as traders’ interest in ETH remains low while ETF inflows are still fragile and relatively weak in absolute terms.
However, a break above $1,800 could stir things up, as a short squeeze could push ETH to new heights in the next few days. If that breakout happens, it would confirm ETH’s double-bottom pattern at $1,550. A confirmed double bottom could target the $2,400 level, where there is confluence between the 200-day exponential moving average (EMA) and a previous resistance dating back to April–May.
Heading to the daily chart, a clear retest of this resistance is happening today after a mild retreat. If the breakout occurs, it would indicate a potential for a rally toward the $2,400 area, supported by the convergence with the 200-day EMA and prior resistance.
