Ethereum Price Drops Below $1,900 After Losing Recovery Channel

Ethereum has lost its recovery channel from July and is currently trading below $1,900.

The cryptocurrency's price dropped by 0.5% after failing to reclaim the rising channel that supported its recovery earlier in July.

A breakdown of the channel occurred on July 23, with Ethereum's price remaining outside it for five consecutive daily sessions.

The former support level has now shifted from supporting the price to acting as resistance, making it more difficult for buyers to move the price back inside the structure.

Long liquidations reached $76.9 million, while spot flows remain negative over 12 hours, indicating that the wider trend has not fully reversed.