- Ethereum tests key support at $1,880, with low volatility and bearish sentiment keeping traders cautious. A breakout remains uncertain.
- A descending triangle pattern forms, signaling potential for a breakout, but weak momentum and low volume stall significant moves.
- Corrective wave structure suggests extended consolidation, with key Fibonacci support at $1,757.95 and $1,352.64 if selling pressure continues.
Ethereum’s price movement is unclear at this time, according to analyst Anonymous, and is currently testing an area of support around $1,880. It developed a descending triangle pattern, showing possible breakout scenarios. Additionally, a larger corrective wave configuration has formed, indicating further consolidation.
Ethereum Faces Resistance Amid Downtrend
Ethereum’s price has struggled to break past its downward-sloping resistance. The rejection from this level suggests increasing selling pressure. Ethereum may face another decline if it fails to hold support at $1,880.
Besides, market indicators reflect poor momentum. The relative Strength Index (RSI) remains neutral, reflecting indecision by the traders. The on-Balance Volume (OBV) indicator also declined, reflecting heavy selling pressure. OBV has stabilized, however, which reflects reduced volatility.
Moreover, the Awesome Oscillator (AO) displays alternating red and green bars, indicating uncertainty. The low trading volume further contributes to the lack of a strong directional move. If volume increases, Ethereum may break out of its tight trading range.
Elliott Wave Analysis Shows Corrective Phase
As per analyst Decode, Ethereum’s price structure aligns with an extended corrective wave pattern. The market has a WXYXZ correction, forming a complex consolidation. Analysts note that sentiment remains extremely bearish, which may indicate a potential reversal.
Key Fibonacci levels suggest possible support zones at $1,757.95 and $1,352.64. A drop to these levels could trigger buying interest. However, Ethereum must regain momentum to break above resistance.
At the moment Ethereum price movement is trading around $1,911, a session high of $1,926.05. Resistance remains at $2,000, while support is at $1,850. Breaking resistance can cause a sharp rally. A break below support can see further losses.
Market Awaits Breakout Confirmation
Ethereum keeps fluctuating in a narrow band without any strong buying pressure. Moreover, the bearish mood may trigger a last dump before there is an expected upturn. Nevertheless, Ethereum’s growing trend is still undecided.
