Ethereum has trended higher since January but has leaned bearish since May, and the lower timeframe range formation suggested buyers could be losing strength.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.The psychological level at $1900 was retested as resistance in recent hours.
The lower timeframe picture was clearer. The 4-hour chart showed a strong possibility that Ethereum is preparing for the next big move. The price was in a phase of consolidation, but can the bulls drive another rally?A range formation between $1843 and $1934 was highlighted in yellow. The brief breakout above this range in early July was quickly swatted down by the bears. Moreover, the OBV, which had been trending higher until then, declined.
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