Ethereum Price Eyes Rebound to $2,060 as Support Level Holds

Ethereum's price has been under bearish pressure, but technical indicators suggest it could continue to rise if it stays above the key support level of $1,850. The current price is at $1,891.58, down 1.13% over the last 24 hours with a daily trading volume of $19.26 billion.

A well-known crypto analyst, Ali Martinez, notes that as long as Ethereum's price stays above $1,850, there will be an attempt to rebound to the upper limit of its trading channel, where $2,060 could become the new target. However, any breakdown from this support level would make the technical picture weaker.

The derivatives market for Ethereum shows mixed signals, with open interest down 1.50% at $27.34 billion and trading volume rising by 7.78% to $37.07 billion. This indicates that investors are unwinding their positions but there are still new players in the market.