Ethereum Rally Loses Momentum as Bulls, Bears Battle Below Key Resistance
JH Kim
Summary
- Ethereum was showing signs of slowing upward momentum after a strong rebound, with bulls and bears locked in a battle below a key resistance level.
- ETH was trading below its 100-day moving average and 200-day moving average, indicating a bearish trend still dominates over the medium to long term.
- ETH was moving within a consolidation range, with buying and selling pressure balanced in the short term, leaving no clear direction.
Forecast Trend Report by Period
Ethereum's rally is losing momentum as bulls and bears square off below a key resistance level after the token's strong rebound in June, CryptoPotato reported on July 30.
On the daily chart, ETH is still trading below its 100-day and 200-day moving averages, indicating that the medium- to long-term trend remains bearish. The recent rebound also ran into resistance near $1,950, where the 100-day moving average is located, triggering a swift return of selling pressure.
On the four-hour chart, ETH remains within a consolidation range. Buying and selling forces are balanced in the short term, leaving no clear directional signal yet.
JH Kim
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