Viewpoint: Ethereum is testing an important resistance level, and if it breaks through, it could rise to $2245

According to crypto analyst alicharts, Ethereum is currently testing resistance at the 0.8 MVRV pricing level of $1796. If the daily closing price is above this level and successfully holds it as support, it will strengthen the bullish case and may open the move towards Ethereum's target price of $2245.

alicharts further pointed out that breaking above both $1796 and $1816 will trigger a bullish breakout. From a technical perspective, such a move will also increase the probability of ETH breaking through the channel top at $1844 and starting the march towards the target price of $2245.