Ethereum Price Fluctuates Near $1,877 as Traders Eye Key Support Zone

Ethereum's price has been trading near $1,877 after experiencing a nearly 4% drop in the past 24 hours.

The decline pulled ETH down from levels near $1,950 and is now testing whether it can hold above the key support zone of $1,745.

If Ethereum stays above $1,745, the recovery from recent lows remains intact. However, a drop below this level could indicate a deeper decline for the cryptocurrency.

Trader Symba believes that ETH has already dipped below $1,745 before reclaiming it, labeling this move as a deviation that can trap sellers before prices turn higher.

Symba's chart points to a potential target range of between $2,425 and $2,470 if Ethereum holds the reclaimed level. However, he notes that the bullish case only works while price stays above $1,745.

A significant barrier to a move higher is the $36 million sell wall stacked between $1,975 and $2,000. A daily close above this level could open the door to further gains for Ethereum, potentially reaching levels around $2,150.