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- Ethereum tests $1,950 support as traders expect a bounce or further bear pressure.
- A breakout above $2,100 would fuel bullish momentum, while a breakdown would aim for $1,880.
- A trendline break would increase bear pressure, pushing Ethereum to critical levels of $1,850.
The Ethereum price action is a consolidation chart within a range-bound chart, where the $2,100 level is the resistance and $1,950 is the support. The market structure is that of indecision, with the buyers waiting for a breakdown or breakout to determine the direction of the next trend.
Market Structure and Potential Scenarios
A recent technical review by Carl Moon illustrates Ethereum’s price action in the 4-hour time frame with major levels of support and resistance. According to Moon, Ethereum was rejected at $2,100, and consequently, retreated towards the $1,950 support level. He notes that the reaction at this level will play a critical role in determining the future direction.
Source: Carl Moon
Ethereum’s price is now trading in an uptrend pattern, and a trendline also acts as a dynamic support. As per Moon, if the $1,950 mark holds strong, Ethereum may set a higher low, and that may see another surge higher. He opines that going past $2,000 may trigger new bullish momentum, which could increase the probability of retesting $2,100.
Conversely, Moon warns that if Ethereum fails to hold at levels of more than $1,950, a breakdown is inevitable. He clarifies that the uptrend line may serve as short-term support but a break would push bearish pressure. Such a scenario would push Ethereum down to $1,880, with further deterioration at $1,850 and $1,800 if selling accelerates.
Key Levels to Watch in the Coming Sessions
Ethereum’s latest price behavior signifies a decision point, as market participants observe closely for resistance and support levels. Market expert Carl Moon’s observations mention that sustained pressure above $1,950 can result in a bullish continuation. He adds that not holding this level would shift momentum to bearish objectives.
Moon notes that a clean breakout above $2,100 or below the trendline will provide a better indicator of which way is next. As investors size up Bitcoin’s dominance of the total market, Ethereum’s price action remains integral in deciding its short-term path.
