Ethereum's price momentum appears to be fading after a strong rally of over 31 percent this year. The TD Sequential indicator, which spotted the recent buying opportunity near $1,500, has now flipped to signal a potential downturn as ETH hovers around $1,900.
Despite this shift, Ethereum remains above a critical support level. It is trading just above the middle Bollinger Band at $1,884, while the upper band resistance is near $1,968. Breaking above this resistance is key for bulls to regain control, but current MACD readings show weakening buying power as the MACD line dips below its signal line.
Technical Levels to Watch
For Ethereum to extend its gains, it needs to surpass the $1,968 $1,980 resistance zone convincingly. Until then, short-term upside may be limited. The cryptocurrency's 24-hour volume stays high at $15.9 billion and market cap around $229.8 billion, reflecting steady interest amid the consolidation.
Traders may want to monitor the TD Sequential closely as it has accurately predicted significant turns in Ethereum’s price this year. The current sell signal suggests caution for those expecting a quick continuation of the rally.
This material is informational and does not constitute financial advice.
