• Ethereum [ETH] is trading below a key resistance level of $1883 – $1929.
• If ETH breaches the range-low and consolidates below it, a retest of the $1700 zone is likely.
• ETH’s spot metrics showed neutral sentiment with little difference between buy and sell volume.
Ethereum Consolidates Losses Near Range-Low
Ethereum [ETH] consolidated near the range-low and support of $1828 over the weekend (5-6 August). The king of altcoins struggled to hold on to the 12-hour chart order block. A breach of the range-low ($1828) could tip ETH to sink lower.
Bearish Pressure Looms Large
Despite analysts’ mixed views on the altcoin’s “weak” price action, sellers seemed poised to seek more ground in the short term. As Bitcoin [BTC] struggled to hold on to the $29k mark, roadblocks could persist, giving sellers more edge. Below the range-low and immediate support of $1828 lies an old breaker ($1746) and a recent bullish order block (white) on the weekly chart.
Spot Metrics Show Neutral Sentiment
According to CryptoMeter , ETH’s spot metrics showed a neutral sentiment at the time of writing. Notably, there was little difference between buy and sell volume, with the latter dominating at 50.6% in the 24-hour timeframe. According to Coinglass , volume dipped by about 1.9%, but Open Interest improved slightly by 1.5%. It suggests that capital inflow has improved slightly as well.
Bulls Must Defend Support Level
Bulls must defend support level at $1828 if they wish for a move up toward $1880 -$1927 .The Relative Strength Index was below neutral level denoting weak buying pressure but capital inflows improved slightly as demonstrated by Chaikin Money Flow’s reclaim of zero mark .
Conclusion
Ethereum’s price action remains bearish despite consolidating losses near its range low level today . Bears are looking for opportunities to push ETH towards its old breaker ($1746). Bulls will need to defend their current levels if they want any chance for a rebound .