Ethereum Price Hits $1,920 But Stalls Below $2,000
Ethereum's price rose to around $1,920 on August 19, up 3% from the previous day, but it stalled below $2,000, leaving many wondering if this is a breakout or a bull trap.
The Ethereum price has been recovering since its decline to around $1,870 on August 17, and momentum readings are favoring buyers over the short term. The 4-hour relative strength index stood at 61.02, above its moving average of 59.68 and the neutral level of 50.
The daily chart suggests that a confirmed move above $1,986 could bring the 0.382 retracement at $2,098.77 into focus, but trend strength remains a weakness in the setup. The average directional index stood at 15.41, well below the 20-25 range normally associated with an established trend.
The price is caught between two nearby liquidity zones, and analysts are watching Ethereum's performance against Bitcoin. Crypto analyst Michaël van de Poppe said Ethereum had delivered a strong bounce against Bitcoin and could move above 0.03205 BTC in the coming weeks.