Ethereum's Momentum Fades as Supply Outweighs Demand

Ethereum is clinging to $1,874 after dropping 2.69% in the last 24 hours, and its price action reveals a market struggling with buyers being sold into on any lift attempts.

The day's range shows that buyers are showing up near the lows but immediately getting sold off, indicating supply is parked above the current price.

ETH is trading below its 7-day, 20-day, and 200-day SMA, which sits nearly $170 overhead at $2,040.50, marking a critical inflection point in the market's trend structure.

The Bollinger Band positioning at 0.34 confirms the bias, with price in the lower third of the band closer to the $1,838 floor than the $1,945 ceiling.