ETH Price Reversal: Shakeout Expected Before Breakout

ETH is currently trading at $1,893.45 with its momentum reversed due to a 'dead-flat zero' MACD histogram print.

This technical setup suggests that a shakeout towards $1,864 is expected before any potential breakout, according to analyst Tony Kim.

The market's current state is characterized by a compressed but not dead volatility, with an ATR of $57.50 and Bollinger Bands spanning from $1,801 to $1,969.

Key levels exposed show that ETH is riding above the 20 and 50-day SMAs ($1,885 and $1,775 respectively), but it's staring up at the 200-day SMA at $2,111.40 like a ceiling.