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Following
ETH
Ethereum is going through a difficult period
After a strong rise in July, Ethereum prices have fallen back below the key trend line and traders are trying to gauge the direction of the market outlook. As of press time, ETH was trading at around $1,870, down from a high of more than $2,000 a few days ago. The pullback left traders divided, with some viewing it as a healthy technical correction and others worried it could signal a worse trend.
What is the current price trend of Ethereum?
Ethereum has fallen below its rising channel on the daily chart. The channel has been guiding prices higher since late June. The break also caused the altcoin to fall below its 50-day exponential moving average (currently around $1,850). Losing this level usually means that short-term momentum has been reversed. The Relative Strength Indicator (RSI) hovers in the neutral zone around 51 and has not yet entered the oversold range. This means there may still be room for prices to fall further before buyers re-enter.
Does the TD Sequential indicator really predict this trend?
A widely circulated chart points out that the TD Sequential indicator sent a buy signal around $1,500 in July. Since then, Ethereum has risen by more than 31% from that position. Today, with ETH trading between $1,900 and $1,980 on different exchanges, the same indicator has turned into a sell signal. This does not guarantee that prices will fall, but it does suggest momentum traders may start taking profits.
Key support and resistance levels to pay attention to
Resistance level US$1,930: The original channel support level has now turned into resistance level
Resistance level US$2,000: Psychological barrier
Resistance level US$2,100: If recovered, it will be the next upside target
Support level US$1,850: 50-day exponential moving average
support at US$1,750: first downside target
support at US$1,650: stronger demand area
If ETH remains below US$1,930, the path of least resistance points to US$1,750, and may even hit US$1,650 if selling intensifies. If the daily closing price can stand at $1,930 again, it will change the situation. This could open the door to testing up again for $2,000 and $2,100.
Are whales still buying Ethereum?
Despite the price decline, large holders do not seem to be worried. According to reports, an organization purchased another 10,464 ETH units from a FalconX-related wallet, worth nearly US$19.48 million. In addition, another large-value wallet increased its holdings of 7,919.5 ETH units in one day, worth approximately US$14.89 million. Since the end of June, the wallet has purchased more than 74,000 ETH units, with an average price of approximately US$1,771.
What signals does derivatives data reveal?
Open interest volume in Ethereum futures rose 1.80% to US$26.63 billion, while trading volume fell 9.14%. This combination usually means that a trader is opening a new position rather than closing it. The long-short ratios on Binance and OKX are both above 2.0, indicating that more traders tend to be bullish. Liquidation data also confirms this point. In the past 24 hours, long positions have been liquidated by $46.31 million, while short positions have only been $5.22 million. This pattern suggests that recent declines have largely purged over-leveraged bulls rather than triggered a broader bearish shift.
Ethereum Price Forecast: Current ETH Bottom Line
Ethereum is at a crossroads. Broken channels and loss of EMA support indicate short-term weakness. But whale increases and bullish derivatives positions reveal a different picture below the surface. Future trends will largely depend on whether ETH can break through US$1,930 again in the next few trading days. Until then, traders should focus on the $1,750 and $1,650 areas for signs that buyers may re-enter.
Disclaimer: This article is for information purposes only and does not constitute financial, investment or trading advice. The cryptocurrency market is extremely volatile and comes with huge risks. Be sure to research and consult a licensed financial adviser before making any investment decisions.
