Ethereum Hits $1.9K Mark, Bulls Face First Major Test at Weekly Supply Zone

Ethereum is facing its first major test at a weekly supply zone as it trades around $1,881 after a 4.24% plunge over the past 24 hours.

The asset's recent recovery from recent lows and reclaiming its long-term ascending trendline has put it in a decisive phase, where buying momentum is meeting stronger resistance.

A divided market reflects the recent whale positioning, with large traders holding long positions but short sellers remaining active around key resistance levels, increasing the likelihood of heightened volatility.

Key support levels are crucial in determining Ethereum's next direction, particularly the $1,850-$1,870 zone and a broader support cluster extending from $1,848 to $1,789.