Ethereum [ETH] bulls secure $1800 support – Are shorting gains limited?

Ethereum [ETH] is ecstatic to retest $2,100, but elevated short-term selling pressure could set it into a price consolidation.

of the state of digital asset investment products revealed that BTC and ETH saw more net outflows last week . In particular, ETH’s outflows totalled $19 million – The highest since the Merge in September 2022.Bulls defended the $1800-supportThe $1800-level has been strong support in April. Near-term bulls defended it in late April and repeated it on 2 May. At press time, the price action was slightly above 50-EMA and 200-EMA – Confirming the mild bullish momentum.

If the $1,800 support continues to hold, it will be a sign of bullish momentum that could tip the ETH/USDT pair to retest the recent price ceiling at $2100. However, the 50-EMA and 200-EMA moved sideways on the 4-hour chart and could suggest a likely consolidation above $1800. On the downside, a crack below the $1,800-support will show a weakening structure. Such a move could see sellers sink the altcoin to $1,500. Notably, the $1,500-support is a bullish order block on the daily chart that has proved steady since mid-January.

In the meantime, the RSI and OBV climbed higher – Confirming the mild buying pressure in the past few days.

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