Ethereum Price Tumbles Below $1,900 Amid Ongoing Momentum Woes

Ethereum's price took a hit on July 31, plummeting to approximately $1,883 after buyers failed to sustain momentum above the crucial $2,000 psychological level.

The token dropped nearly 2% from its opening price and traded at its lowest point near $1,878 before rebounding slightly. The rejection below $2,000 has weakened Ethereum's momentum and pushed it toward a key technical support zone.

The short-term momentum indicators are also pointing to a decline, with the 4-hour Relative Strength Index (RSI) falling to 43.02, below its moving average of 50.13.

Analysts believe that profit-taking near $1,950 and the continued defense of $2,000 are driving the price decline.