Ethereum Price Trapped Below $1,920 Amid Neutral Momentum
Ethereum's price has been stuck below $1,920, and market analysts are looking to see if it can break through this resistance level. The cryptocurrency has been trading in a narrow range established since late July, with its recent lower highs and higher lows creating a symmetrical triangle on the daily chart.
The daily Aroon readings were weak, reflecting a lack of strong recent highs or lows. Chaikin Money Flow stood at -0.03, slightly below the neutral line, indicating that selling pressure has a small advantage. However, the figure is not low enough to confirm strong capital flight.
Large holders have reportedly sold around $3 billion in ETH since August 10, and decentralized exchange trading volume has contracted by about 42% over recent months. A negative Coinbase Premium Index also points to weak demand from US-based buyers.