Ethereum Price Holds Firm Above $1,850 Support Amid Rising Channel

The Ethereum price has shown resilience by defending its key support zone near $1,850. As of now, ETH is trading around $1,912, confined within an ascending channel that has guided price action throughout July. Despite a recent rejection near $1,970 temporarily halting bullish momentum, Ethereum has avoided a deeper correction by maintaining higher lows.

The coming sessions could be decisive as the price approaches a confluence of trendline resistance and horizontal supply. Since rebounding from mid-July lows, ETH has continued to respect an ascending channel, consistently forming higher lows while challenging higher resistance levels.

A confirmed break below the $1,845-$1,860 demand zone would weaken the current bullish structure and increase the probability of a deeper retracement. The RSI is neutral, suggesting buying and selling pressure remain relatively balanced, while the MACD shows a drop in selling pressure.