Ethereum Price Consolidates Near Key Resistance Zone at $1,930
Ethereum's price remains steady around $1,860 as traders keep their derivatives positions unchanged.
The cryptocurrency has been consolidating near a key resistance area after recovering from its June lows. Despite buyers defending important support levels, Ethereum needs to reclaim higher resistance before confirming stronger bullish momentum.
The daily TradingView chart shows that Ethereum is trading below the 20-day EMA at $1,871, but the 50-day EMA near $1,849 has become immediate support. The next resistance zone is represented by the 100-day EMA near $1,931, which coincides with a horizontal resistance area.
Crypto analyst Ted Pillows shared his outlook on Ethereum, saying that as long as it holds above its $1,850 support zone, it's more likely to rally towards $2,000. However, buyers still need to overcome the $1,930 resistance area before a stronger bullish trend can be confirmed.