Ethereum Forms Long-Legged Doji on Monthly Chart Indicating Market Indecision

Ethereum is currently trading above $1,800, facing multiple failed attempts to break higher. The price action indicates potential volatility as momentum builds for a significant move. Analysts view this as a critical point after extended selling pressure.

Key observations include:

Formation of a long-legged Doji candle on the monthly chart, indicating market indecision.
A reclaim of the $2,000 level would confirm bullish intent and potentially lead to a rally.
Failure to maintain above $1,750 may result in renewed downside pressure, possibly testing lower support zones.

Ethereum has traded below $2,000 since late March, reflecting broader altcoin market weakness. Key points are:

ETH remains over 55% down from December highs.
Bulls have held the $1,800 level but need to break through resistance at $2,000–$2,100 for a meaningful reversal.
Recent price action shows higher lows, suggesting gradual bullish control despite ongoing seller pressure.

Current trading summary:

ETH is at $1,830, consolidating between $1,750 and $1,850.
A breakout above $1,850 is necessary to maintain bullish control.
Continuing below resistance increases the risk of further declines toward $1,700 or even $1,500.

Macroeconomic uncertainty persists, with traders closely monitoring Ethereum's moves as it remains within a tight range, poised for a potential breakout or breakdown.