Ethereum’s price is stuck in a rut. After failing to break past $1,874 (set on May 1st), it’s trading sideways around $1,800. This is a crucial point; buyers need to step up to push the price higher.
The Waiting Game
Despite several attempts, Ethereum hasn’t shown a clear direction. It’s still down significantly from its December peak, and without a strong upward push, it could fall further. Many investors are hesitant.
Accumulation Phase?
Crypto expert Michael Van de Poppe thinks Ethereum is accumulating. While the ETH/USD chart doesn’t look great, the ETH/BTC chart shows a more positive picture. He sees signs of accumulation, with Ethereum forming a pattern that suggests a potential big move is coming. This would involve Ethereum outperforming Bitcoin, a common occurrence during bull markets.
The ETH/BTC Chart: A Closer Look
The ETH/BTC chart shows Ethereum breaking out of a downward trend and consolidating. Van de Poppe points to a key support level around 0.0184 BTC. If this holds, and Ethereum breaks through resistance at 0.0195 BTC, it could signal a significant rally against Bitcoin. However, global economic uncertainty could still impact the market.
Price Consolidation and What’s Next
Ethereum’s current price is around $1,800. The daily chart shows consolidation after bouncing back from April’s lows. However, it’s still below key moving averages, suggesting a bearish trend. Volume is low, showing a lack of strong buying or selling pressure.
The current situation favors accumulation, but a decisive break above $1,875-$2,000 is needed to confirm a bullish reversal. Failure to do so could lead to a drop towards $1,650-$1,700. Basically, Ethereum is at a turning point. A break above $2,000 would be a very positive sign.
