Ethereum (ETH) has shown impressive resilience in recent days, holding above a key support level that many traders consider vital for future price action. As of now, ETH continues to trade steadily around the $1,830 mark, maintaining its position above $1,770—a price point backed by millions of wallets and considered a crucial psychological and technical level. With optimism growing among retail and institutional investors alike, the question remains: can Ethereum push through the next resistance and start a new rally toward $2,030?

Blockchain data indicates that more than 4.5 million Ethereum addresses have accumulated ETH around the $1,770 zone. This means a large segment of holders is invested at this level, effectively forming a solid support base. This cushion has kept Ethereum afloat during recent bouts of volatility and may serve as a springboard if the broader crypto market shifts bullishly in the coming days.

Investor sentiment is also showing signs of strength. Crowd sentiment indicators are trending positive, and institutional sentiment is moderately bullish as well, according to recent metrics from Market Prophit. These indicators reflect a growing confidence across various segments of the market, suggesting that both retail traders and “smart money” are increasingly optimistic about Ethereum’s near-term prospects.

Adding further fuel to this optimism is a noticeable surge in network activity. In the past week alone, Ethereum has seen a significant rise in new wallet creation—jumping by more than 79%. Meanwhile, active addresses on the network have grown by over 11%, and zero-balance wallets have spiked by more than 100%, possibly reflecting increased user engagement, testing of wallets, or general cleanup of inactive accounts. These developments point to a steadily expanding network, which is typically a bullish signal for a project’s long-term health.

Meanwhile, exchange reserves of ETH have ticked upward to over $36 billion. Normally, a rise in exchange reserves might signal an intention to sell, which could put pressure on prices. However, in this case, the increase may be interpreted differently. It could mean that traders are gearing up for volatile moves, either to capitalize on a price breakout or to hedge against downside risk. With prices currently ranging between heavy short liquidations below $1,800 and leveraged long positions above $1,850, the setup is primed for a significant move in either direction.

Leverage data from Binance further shows that more than 64% of traders are holding long positions on Ethereum, pushing the long/short ratio above 1.8. While this highlights bullish confidence, it also introduces the risk of a sudden shakeout. If price dips below key support, long positions could get liquidated rapidly, intensifying selling pressure and sending the price even lower. On the flip side, a decisive move above resistance could trigger short liquidations, further accelerating upward momentum.

The technical setup currently places Ethereum in a tight trading range between the $1,770 support and $1,867 resistance level. ETH has tested this resistance multiple times, but so far, it has held firm. Should bulls manage to push above this ceiling, analysts believe a move toward the $2,030 target—mapped out using Fibonacci extension levels—is very possible. However, the stochastic RSI suggests Ethereum is approaching overbought conditions, signaling a potential short-term cooldown before a breakout occurs.

In summary, Ethereum appears to be at a crucial turning point. It continues to hold above key support, investor sentiment is increasingly bullish, network metrics are improving, and leveraged positions hint at building pressure. Still, the $1,867 resistance level remains a major hurdle. If Ethereum can break through this zone with strong volume, it could unlock the next leg up toward $2,030—a price target that would mark a major psychological and technical milestone for the asset.

As the crypto market awaits Ethereum’s next move, traders should be prepared for increased volatility. Whether the next breakout is upward or downward, the stage is clearly set for action.