Ethereum is struggling under $1,874 resistance, currently priced over $1,800. Analyst Michael Van de Poppe suggests it’s in an accumulation phase against Bitcoin but needs to break current levels decisively. While the ETH/BTC chart shows potential, risks remain from external market pressures. A breakout above $2,000 could indicate renewed bullish potential, while failure to do so raises risks of pullbacks.
Ethereum finds itself in a challenging position after not managing to break past the lofty $1,874 level from May 1st—a threshold that now acts as formidable resistance. As the wider cryptocurrency landscape starts to gain traction, Ethereum appears to be trapped in a narrow trading band, missing the momentum needed for a breakout. Currently priced just over $1,800, the digital asset is at a critical juncture; it’s up to buyers to bolster the price and push it upwards.
Despite various attempts to establish a clear trajectory, participation in the Ethereum market appears tentative. Down more than 55% from its highs in December, the cryptocurrency remains weak compared to other significant players. Without a solid surge past its resistance, Ethereum risks slipping even further.
Market analyst Michael Van de Poppe has recently offered some insights through technical analysis, suggesting that Ethereum is still navigating an accumulation phase. He pointed out that ETH is showing signs of resilience against Bitcoin, yet it requires a definitive breakout above current resistance levels to gain traction. Until such a breakthrough occurs, Ethereum may struggle with volatility and remain range-bound, making the upcoming days critical for its immediate prospects.
Looking at the ETH/BTC chart, while Ethereum still grapples with the $2,000 mark and struggles to reclaim essential resistance levels, the analysis reveals some more positive developments beneath its struggles. Van de Poppe has noted a clear accumulation pattern forming in the ETH/BTC pair, despite several months of price declines. The chart indicates that Ethereum is emerging from a falling wedge setup and consolidating just below a crucial resistance line at 0.0195 BTC.
An essential point highlighted by Van de Poppe is a demand zone at 0.0184 BTC, where ETH has frequently found support. If this level holds strong, Ethereum has the potential to push higher and possibly breach liquidity above its resistance. Such an advance could signal the start of Ethereum’s impressive performance compared to Bitcoin, especially during altcoin surges in bull market conditions.
Nevertheless, caution is warranted. The broader market remains under the influence of macroeconomic factors and geopolitical uncertainties, especially regarding tensions between the U.S. and China. Ethereum’s fortune seems to hinge on maintaining its support and breaking through the 0.0195 BTC barrier. A successful breakout could set the stage for a robust rally.
Currently, Ethereum trades slightly at $1,795.79, following a slight retreat from the $1,874 peak hit earlier this month. The daily chart illustrates a tight consolidation, rebounding from April’s lows around $1,500. However, it still sits well below significant moving averages—the 200-day simple moving average at about $2,709.54 and the 200-day exponential moving average around $2,437.55—pointing to a continuing bearish trend.
Despite some support from bulls, Ethereum has not yet managed to escape its long-term downturn. The struggle to reclaim the $2,000 threshold as support is hampering bullish momentum. Volumes have been modest, suggesting that neither buyers nor sellers have complete confidence.
At this moment, the situation seems to favour accumulation. However, Ethereum must convincingly breach the resistance zone between $1,875 and $2,000 to alter sentiment and confirm a potential trend reversal. If it cannot do this, the risk of further declines towards the $1,650–$1,700 support range increases.
In conclusion, Ethereum stands at a pivotal point. The longer it hovers below crucial moving averages, the more cautious the market is likely to remain. A breakout above the $2,000 mark could trigger renewed enthusiasm and signpost broader market strength.
