On July 19, Ethereum regained the $1,850 support level, trading near $1,866 on Bitstamp after reaching an intraday high of about $1,876.
Two large wallets opened 20-times leveraged long positions, covering 12,000 ETH, signaling bullish sentiment among whales.
The $1,850 level acted as key support, preventing a retest of June lows near $1,550 and paving the way for a potential rally toward $2,000.
Trading volumes remained strong, with Crypto.com reporting roughly $4.89 billion in daily volume, reflecting active market involvement.
Technical indicators continue to favor buyers: the Relative Strength Index (RSI) hovered near 59, showing positive momentum without entering overbought territory, while the Moving Average Convergence Divergence (MACD) stayed above its signal line with a positive histogram.
However, resistance remains near $1,900 and the psychological $2,000 mark, which corresponds to the July high and June breakdown zone.
Ethereum is still trading well below its January peak of over $3,300, and medium-term trends indicate lower peaks recorded in April and May.
Should the $1,850 support fail, focus will shift back to demand zones at $1,750 and $1,600.
According to market analyst Ted Pillows, sustaining levels above $1,850 is necessary to confirm a breakout targeting $2,000 rather than merely attempting a rebound.
Material is informational and not financial advice.
