Ethereum Price Prediction as $1,800 Level Holds Strong – Time to Buy?

cryptonews.com:

The Ethereum price has barely budged today, with its current level of $1,846 representing a 0.1% fall in the past 24 hours.

ETH remains up by 1% in the past week, and while it is down by 5% in the past month, it remains up by 54% since the beginning of the year.

And while it has, like most of the market, had a disappointing few weeks, it has held firmly to the $1,800 support level, indicating that it's unlikely to fall much further.

This means it's due to rebound again in the near future, particularly when Ethereum's fundamentals remain as strong as ever.

Ethereum's chart and general performance continues to be decidedly mixed, with the altcoin neither fall further in the past few weeks nor mounting a serious comeback.

Its indicators reflect this indeterminacy, with its relative strength index (purple) hovering around the 50 level, which could equally point to incoming gains or losses.

It's something similar with ETH's 30-day moving average (yellow), which continues to struggle just below its 200-day average (blue) and doesn't look like it's going to rise anytime soon.

However, it's arguable that ETH has been undervalued for far too long, and that it's overdue a big rally.

This may be entirely true, yet it still seems that larger investors are more inclined to sell the altcoin right now rather than buy it, as indicate by recent updates from Whale Alerts.

That said, such possible sales are more about the overall state of the cryptocurrency market than about Ethereum itself, given that investors continue to be spooked by the SEC's ongoing cases against Coinbase and Binance.

Then there's the continued underwhelming performance of stock markets and the global economy, with recent data related to the Chinese economy unnerving investors