Ethereum price today: $1,810
- Ethereum showed strength in the recent financial market decline, trading above $1,800 despite Fed Chair Jerome Powell’s hawkish statements.
- ETH could see a turnaround if cryptocurrencies hold steady amid global trade war tension.
- ETH bulls are attempting to hold the $1,800 key level after a brief decline to $1,760.
Ethereum (ETH) showed resilience heading into the weekend, trading above $1,800 on Saturday despite the impact of Trump’s tariff announcements sparking heavy losses across the stock market and in precious metals.
ETH shows strength amid stock market turmoil
While ETH — like most top cryptos — held steady heading to the weekend, the S&P 500 fell nearly 6%, stretching its market capitalization decline to $5.06 trillion in the past two days. The Nasdaq-100 and Dow Jones saw heavy corrections, down 20% and 10%, respectively, from their all-time highs recorded in December. Gold and Silver also declined, dropping by 2.5% and 7.1%, respectively.
The losses across the financial market accelerated after Federal Reserve (Fed) Chair Powell’s hawkish statements at the Society for Advancing Business Editing and Writing conference in Virginia. Powell stated that the “larger-than-expected” tariffs could heighten inflation and slow growth, adding that the Fed will employ a “wait-and-see” approach to policy decisions.
We are well positioned to wait for greater clarity before considering any adjustments to our policy stance. It is too soon to say what will be the appropriate path for monetary policy,” said Powell.
The statement increased expectations of recession, hence, the decline across stocks.
The resilience seen in Ethereum, and by extension, the crypto market, indicates investors are seeking a hedge for which crypto may be suited.
Ethereum was one of the top-performing assets in the brief COVID-induced recession of 2020, even outperforming Bitcoin (BTC) with a 460% gain. As a result, ETH could see a turnaround in the next few weeks if crypto holds steady amid global trade war tension — especially with the Pectra mainnet upgrade set for May 7.
ETH has been suffering from weak sentiments in the past months, underperforming top cryptos, including Bitcoin, XRP and Solana (SOL), during the recent post-election crypto rally. It also declined faster after the market saw a correction in late January, dropping nearly 55%, while BTC only declined by ~27%.
Ethereum Price Forecast: ETH traders wage war at $1,800 key level
Ethereum saw $43.24 million in futures liquidations in the past 24 hours, per Coinglass data. The total amount of long and short liquidations is $20.84 million and $22.41 million, respectively.
Buyers are attempting to defend the support level near $1,800, quickly pushing prices back above it within the past few hours after briefly dropping to $1,760.
ETH/USDT daily chart
If bulls continue defending this level, ETH could test a descending trendline resistance extending from March 24. A firm move above the trendline that establishes it as support could help ETH regain bullish momentum and test the $2,069 key resistance.
On the downside, ETH could fall to $1,500 if bulls fail to hold the $1,800 support.
The Stochastic Oscillator (Stoch) is in the oversold region, indicating dominant bearish momentum and a potential for a reversal. Meanwhile, the Moving Average Convergence Divergence (MACD) histogram is just above its neutral level. ETH could see a recovery if the Stoch exits oversold conditions and the histogram bars remain above their neutral level.
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