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Ethereum (ETH) price has struggled to maintain momentum after briefly crossing the $2,000 mark. As of writing, it was hovering near the $1991 mark.
The recent FOMC meeting triggered a short-lived bullish push, but selling pressure quickly returned.
Traders are now watching key support at $1,823 and resistance at $2,106 to determine ETH’s next move. If Ethereum price can regain bullish momentum, a surge toward $2,546 remains possible.
Ethereum RSI Drops as Momentum Weakens
Ethereum’s RSI has dropped from 71 to 46 in just two days, reflecting a shift in market sentiment.
The RSI, a momentum oscillator ranging from 0 to 100, indicates whether an asset is overbought or oversold.
A reading above 70 suggests an overbought condition, while below 30 signals oversold territory. A drop from overbought levels suggests that Ethereum’s recent rally has stalled.
With the RSI now in neutral territory, Ethereum price may enter a consolidation phase. If bearish pressure intensifies, ETH could decline further before finding strong support.
Traders are closely monitoring whether the RSI will continue to decline or stabilize, which could indicate a potential price recovery.
A rebound in RSI from these levels would suggest renewed buying interest.
DMI Signals Bears Regaining Control
Ethereum’s Directional Movement Index (DMI) confirms that sellers have gained momentum.
The DMI consists of the Positive Directional Index (+DI), the Negative Directional Index (-DI), and the Average Directional Index (ADX), which measures trend strength.
When -DI crosses above +DI, it signals growing bearish pressure.
Currently, ETH’s -DI has climbed to 23.12 from 11.17, while +DI has fallen from 34 to 21.17. This shift indicates that selling pressure is increasing, while bullish momentum is weakening.
Additionally, the ADX has dropped from 24.5 to 17.96, showing that Ethereum’s trend strength is weakening.
A declining ADX often suggests that the market may enter a consolidation phase before making a decisive move.
Key Support at $1,823 Could Prevent Further Decline
The ETH bulls are testing $1,867, while the lower support is at about $1,823. If these levels remain intact the ETH price could start to rise again as buyers enter the market to support the price.
However, if the rate falls and moves below $1,823, then a bearish run to $1,759 cannot be ruled out.
This would raise the likelihood of ETH price declining to $1,700 or below, which has not happened since October 2023.
Notably, on-chain data might suggest that these support zones are being observed by major market players.
If the accumulation would persist at such levels, Ethereum price may stage a break-out and attempt to rebound.
The breakout under $1,835 may signal a similar uptick in demand from buyers and imply that the recent pullback has been a reversal.
Ethereum Price Needs a Breakout Above $2,106 to Target $2,546
However, according to AkaBull, for Ethereum price to continue moving upwards and establish a bullish trend, the price must break through the $2,106.
An upward breakout above this level will point to further gains, with the next big level at $2,320.
If bullish momentum strengthens, ETH could push toward $2,546, marking a 30% rally from current levels.
ETH price is still attracting much attention from traders as a breakout of the resistance level will signal an upside turn.
However, if ETH could not break these resistance levels, it could stay in range-bound or move to the downside.
