Ethereum Drops Below $1,900 After Failing to Reclaim July Channel

Ethereum's price has dropped below $1,900 after failing to reclaim its July recovery channel. This comes as long liquidations reached $76.9 million over the past day, with buyers unable to move the price back inside the structure.

The broken channel has become resistance for Ethereum, adding another obstacle above the current price. The former lower boundary of the channel now acts as a barrier, making it harder for the price to recover.

Despite this, some buyers have responded near the current price, but spot flows remain negative over 12 hours. The wider trend has not fully reversed, with Ethereum still below its 100-day and 200-day moving averages.