- Ethereum hits a week’s low but stays within a fortnight-long trading range.
- 50-EMA, 21-EMA restrict short-term ETH/USD moves amid sluggish oscillators.
- Month-old bullish channel, 100-SMA keep buyers hopeful amid softer US Dollar
Ethereum (ETH) slides to a week’s low of $1,774 heading into Tuesday’s North American trading session, responding to cautious sentiment sparked by recent remarks from co-founder Vitalik Buterin.
Despite the pullback, the cryptocurrency continues to trade within a well-defined range established over the past two weeks, signaling ongoing indecision among market participants.
Technical Chart: Daily chart shows consolidation
Source: Trading view
The ETH/USD pair defends a fortnight-long trading pattern of staying between the 50-day and 21-day Exponential Moving Average (EMA), respectively.
The Relative Strength Index (RSI) holds steady in neutral territory, while the Moving Average Convergence Divergence (MACD) indicator reflects weak momentum; both signal a sideways market condition.
However, the 21-day EMA and an ascending trend line from early April, close to $1,771 and $1,733 in that order, appear tough nuts to crack for the bears before taking control.
Should ETH/USD breach this support zone, sellers may target the mid-April high of $1,690, followed by further downside potential toward $1,550. A more aggressive bearish extension could see prices revisit the yearly low near $1,385.
ETH/USD: Four-hour chart
Source: Treading view
On a short timeframe, a clear rejection of the month-old bullish trend channel, as well as a downside break of the 100-SMA, currently around $1,770, can facilitate intraday sellers.
If ETHlUSD sustains trading below $1,385, it could trigger a deeper decline toward the projected bearish channel target, which lies close to the $1,300 area.
Meanwhile, bulls aren’t out of the game. A daily close above the 50-day EMA at $1,851 could revive buying interest, though stiff resistance looms at $2,000 and $2,075.
In short, ETH is losing steam, but the tug-of-war continues. A breakout on either side of the range could set the tone for the next big move.
