Ethereum Traders Eye Breakout Above $1,950
Ethereum's price action remains range-bound despite recent inflows into U.S. spot Ethereum ETFs and signs of de-escalation in the Middle East.
The cryptocurrency has been trading within a narrow range since July 15, with support near $1,850 being repeatedly tested over ten times.
According to technical analysis principles, each test weakens the level, increasing the probability of a breakdown. A sustained move below $1,850 could trigger a decline toward the 50-day moving average around $1,790, or even as low as $1,700 if that level fails to provide support.
To regain upward momentum and accelerate recovery toward the psychological $2,000 level, Ethereum must establish a sustained position above $1,950. Stronger trading volume would be needed to confirm this move.