Ethereum Consolidates Below $2,000 Amid Accumulation Trend
Ethereum is facing resistance at $1,874, unable to break above this level since May 1. Currently trading just above $1,800, it remains in a tight range with over 55% decline from December highs. Investor sentiment is cautious as Ethereum struggles to establish direction.
- Michael Van de Poppe indicates Ethereum is in an accumulation phase against BTC, requiring a decisive breakout for confirmation.
- The ETH/BTC chart shows a potential accumulation structure, with critical resistance at 0.0195 BTC.
- A key demand zone exists around 0.0184 BTC; maintaining this level may lead to a breakout and outperforming Bitcoin.
Currently priced at $1,795.79, Ethereum's daily chart reveals consolidation following a rebound from April's lows near $1,500. However, it remains below the 200-day SMA of $2,709.54 and EMA of $2,437.55, indicating a bearish trend.
- Bulls have halted further declines but have yet to break the long-term downtrend.
- Failure to reclaim $2,000 as support caps bullish momentum.
- A breakout above the $1,875–$2,000 resistance area is necessary for a trend reversal.
- If unsuccessful, there is a risk of pulling back towards the $1,650–$1,700 support zone.
Ethereum's future movements depend on its ability to clear resistance levels, which could signal broader market strength.
