Ethereum price holds above $1.850, analyst expects rise to $2.000

Ethereum is currently trading around $1.860, up 1.0% over the past 24 hours. Analyst TedPillows sees spot buying coming in at the current level and expects a rally towards $2.000 if Ethereum manages to stay above $1.850.

Ethereum is available at OKX and Bybit.

In brief:

• Ethereum trades at $1.856 and holds above the $1.850 level.
• Analyst TedPillows sees spot buying as a positive signal and expects a rise to $2.000.
• If Ethereum loses the $1.850 level, a pullback to $1.560 looms.

Spot buying as a positive signal

According to analyst TedPillows, spot buying is currently taking place around the $1.850 level, which he sees as a good sign. Spot buying indicates genuine demand for the coin, without the use of leverage. This gives the price level more weight than when the rise is driven purely by speculative positions.

The chart shows that $1.860 is acting as a support zone, marked with a green band. As long as Ethereum stays above that level, the expectation is that the price will move towards $1.965 and then $2.030. Those levels serve as resistance zones where selling pressure may emerge.

Possible scenarios if support is lost

If Ethereum fails to hold the $1.850 level, TedPillows outlines two possible downside scenarios on his chart. In the first case, the price falls back to the area around $1.710, a level that previously served as support. In the most negative scenario, Ethereum drops to $1.560, the lower boundary of the next major support zone.

However, if the price manages to recover after a possible dip, the route to $2.000 and higher remains open. Above $2.030, resistance levels then lie at $2.200 and $2.400. Earlier, Ethereum already broke the downtrend against Bitcoin, although a follow-through on that move failed to materialise at the time. Whether the current support provides enough of a basis for a sustained rally remains to be seen in the coming days.