Ethereum Price Action Hinges on Key Support and Resistance Levels

Ethereum's recent price surge has slowed down, and traders are now watching key technical indicators for direction. The TD Sequential indicator, which predicted the current rally near $1,500, is now flashing a sell signal at around $1,980.

This does not necessarily mean a price crash is imminent, but rather that some traders may start locking in gains as the current leg up runs out of steam.

Derivatives data shows that despite the pause, traders remain active in the market. Open interest has increased, with new positions opening rather than closing out. The Binance ETH/USDT long/short ratio is 2.19, indicating more traders are betting on higher prices than lower ones.