Ethereum price falls below $1,800, but chart still shows $2,140 target

Ethereum has fallen below the crucial $1,800 level after a new military escalation by the US and Iran pushed up oil prices and drove investors out of risk assets, but buyers are holding on to support near $1,750.

According to data from crypto.news, Ethereum ($ETH) During trading on Monday, the price traded around $1,775, down about 3.6% from the day’s high of $1,837 after renewed U.S. attacks on Iran reignited concerns about a protracted Middle East conflict.

Oil prices rose about 4% to more than $74 a barrel as the US and Iran exchanged missile strikes amid heightened tensions around the Strait of Hormuz. New geopolitical risks have reignited concerns that rising energy prices could keep inflation high, prompting traders to reduce their exposure to cryptocurrencies, along with other high-beta assets.

Iran later claimed to have targeted US military facilities in Bahrain, Kuwait, Oman and Jordan in retaliation for US shelling, but contradictory statements over whether the Strait of Hormuz was open added further uncertainty to financial markets.

A stronger dollar and renewed demand for defensive assets are putting pressure on digital assets overall as investors await further geopolitical developments.

Ethereum continues to defend $1,750 despite losing key moving averages

The technical structure weakened as Ethereum price fell below the 20-day moving average near $1,800 on the 4-hour chart. The decline was also prolonged $ETH It fell below the psychological $1,800 level that had been acting as support throughout last week. Still, the asset remains above its 50-day and 100-day moving averages of $1,779 and $1,709, respectively, sustaining the medium-term recovery that began in early July.

The daily chart still shows a potential double bottom formation with lows around $1,505. If the pair confirms a breakout of the resistance near $1,825, the pattern will be completed and an upside price target near $2,140 is predicted.

However, Momentum has not yet fully confirmed this move. Despite the shrinking histogram, the MACD remains above the signal line, while the Chaikin Money Flow remains in positive territory around 0.10, suggesting that capital has not completely exited the market.

The 4-hour Aroon indicator also continues to favor buyers, with Aroon rising at around 92.9 and Aroon falling near 85.7. Although both measurements continue to rise due to recent volatility, the higher Aroon Up reading suggests that the bulls still maintain a slight advantage if Ethereum regains the $1,800 to $1,825 resistance zone.

Derivative positioning represents another important technical level. CoinGlass liquidation data shows that one of the largest short-term liquidation clusters is around $1,840 to $1,860.

A decisive breakout of this area could force leveraged short sellers to close their positions, accelerating the rally towards $1,900. Larger liquidity pockets remain above $1,900, while notable bid-side liquidity extends into the $1,700 region.

Commenting on this setting, crypto analyst Ali Martinez said: $ETH If it breaks through $1,850. ” His view is consistent with a large cluster of liquidations currently just above the price, and a breakout could trigger additional buying from short covering.

If support cannot be maintained, the bearish trend may resume.

Not all analysts are expecting a breakout right away. Analyst Ted Pillows said in a July 13 X post:

“$ETH remains above the $1,750 support zone. This is a good sign and shows that sellers no longer have the upper hand here. As long as Ethereum stays above $1,750, I think a rally towards $2,000 is possible. ”

This support represents the main disabling level of current recovery. If the price remains below $1,750, the 100-day moving average near $1,709 will come back into focus, followed by the June support zone emerging near $1,505, where the double bottom structure will break.

Macro risks continue to dominate the outlook. Further escalation between the United States and Iran, further turmoil around the Strait of Hormuz, or even higher oil prices could strengthen inflation expectations and strengthen the Federal Reserve’s long-term interest rate outlook. In these circumstances, the cryptocurrency could remain under pressure even if Ethereum’s long-term technical structure remains intact.