Ethereum Consolidates Below $2,000 Resistance Zone

Ethereum's price has been consolidating since its rejection at $2,000 resistance zone. The cryptocurrency has successfully defended the $1,850-$1,860 support area for a second consecutive week, preventing a deeper decline.

The market remains in a healthy consolidation phase with the price repeatedly respecting the previous breakout zone. Despite bullish momentum slowing down since the late-July rally, the broader daily trend continues to favour buyers as long as the current support remains intact.

A technical analysis of ETH/USDT on the daily timeframe shows that Ethereum has largely traded sideways between $1,850 and $1,950, reflecting a balance between buyers taking profits and sellers struggling to regain control. The price has remained below the recent lower high around $1,930-$1,950, meaning bulls have yet to regain full control.

From a market structure perspective, Ethereum still maintains its sequence of higher lows from the June bottom. The long-term descending trendline that rejected the price near $2,000 continues to act as overhead resistance, and reclaiming this area remains the next major challenge.