Ethereum Price Prediction as ETH Falls Below $1,800 – Time to Buy the Dip?

cryptonews.com:

The token powering the largest smart contracts platform, Ethereum is consolidating on Friday while holding support at $1,800 ahead of the release of key economic data. Ethereum price slowed down its aggressive push witnessed in March in tandem with the largest crypto asset, Bitcoin on reaching resistance at $1,850.

With the weekend session just hours away, ETH is trading at $1,807 and depicting remarkable composure. We have the Personal Consumption Expenditures (PCE) data coming out on Friday, which market watchers expect could cause some volatility, especially ahead of the US stocks opening.

The PCE is a key inflation indicator utilized by the Federal Reserve to make key monetary policy decisions.

Ethereum price remains barely unchanged in 24 hours, although Bitcoin has lost nearly 2% of its value to trade at $28,230 at the time of writing. If support at $1,800 holds in spite of the PCE data, ETH price could strengthen its bullish outlook over the weekend and grind closer to the psychological resistance at $2,000.

The second-largest token in the market holds above all the applied major moving averages, starting with the 100-day Exponential Moving Average (EMA) (line in blue), which has just flipped above the 200-day EMA (line in purple)—in a move that could validate the anticipated climb to $2,000.

The 50-day EMA (line in red) at $1,665 is in line to help mitigate the selling pressure in the event of a reversal below $1,700. On the same daily chart, the position of the Moving Average Convergence Divergence (MACD) suggests the path with the least resistance is now to the upside.

Although the MACD is yet to validate a buy signal on the daily timeframe chart, its position above the mean line implies a bullish outcome is highly