Ethereum is testing a key resistance area around $1,796, which analyst alicharts identified as the 0.8 MVRV pricing band. According to the analyst, a daily close above this level, followed by a successful retest as support, would strengthen the bullish setup for ETH. In that scenario, the asset could begin moving toward its realized price at $2,245. alicharts also noted that a break above both $1,796 and $1,816 would confirm a bullish breakout. From a technical perspective, such a move would also improve the odds of ETH pushing through the upper boundary of its channel at $1,844, potentially opening the way for a further advance toward $2,245.
ETH tests resistance near the $1,796 MVRV band
According to BlockBeats on July 7, crypto analyst alicharts said Ethereum is currently testing resistance at $1,796, a level he identified as the 0.8 MVRV pricing band. If ETH can deliver a daily close above that area and then hold it as support, the bullish case for the asset would become stronger.
In the analyst’s view, a confirmed hold above this level could start a move toward Ethereum’s realized price at $2,245. He added that a break above both $1,796 and $1,816 would serve as a bullish breakout trigger and would reinforce the idea that upside momentum is building.
From a technical standpoint, such a breakout would also increase the probability of ETH pushing above the top of its current channel at $1,844. If that level is cleared, Ethereum would be better positioned to continue advancing toward the $2,245 target referenced by the analyst.
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