Ethereum Bears in Control as Price Fluctuates Below $1.9K

Ethereum (ETH) is currently trading around $1,800, down from its all-time high of $4,953.73 in August last year.

This represents a decline of 61.93% over the past year, making it either a significant market overhang or a compelling long-term setup, depending on one's perspective.

The asset's short-term momentum is controlled by sellers, with both short-term and long-term momentum aligned to drive prices lower.

On the chart, the Moving Average Convergence Divergence (MACD) line is below the signal line, indicating a downtrend. The Relative Strength Index (RSI) reading of 48.21 suggests a neutral market with a slight bearish tilt.