Ethereum Price Consolidates Near $1,917 as Buyers Defend $1,900 Area
Ethereum's price has been consolidating near $1,917 on August 10 as buyers defend the $1,900 area. The move follows renewed spot demand and a broader risk-asset rally after weak U.S. employment data reduced expectations for another Federal Reserve rate hike.
The U.S. nonfarm payrolls fell by 23,000 in July, missing forecasts for an increase of around 80,000. This softer report pushed Treasury yields lower and helped the S&P 500 close at a record on August 7.
Ethereum has been benefiting from the change in risk appetite, but its momentum is weakening below $1,950. The daily chart shows Ethereum trading in the upper half of its Bollinger Bands, with the middle band standing at $1,897 and the upper and lower boundaries sitting at $1,953 and $1,841.
The short-term structure remains tilted toward buyers as long as Ethereum holds above the $1,897 midpoint. However, the daily relative strength index stands at 56.47, slightly above its signal average of 54.47, indicating moderate bullish momentum without placing ETH in overbought territory.