Ethereum buyers have been struggling to push the price above the significant resistance region of $2K. Nevertheless, the price is currently navigating a crucial range bounded by that level and the dynamic support provided by the 100-day moving average.

Technical Analysis

By Shayan

The Daily Chart

On June 21st, Ethereum managed to surpass the 100-day moving average and continued its prevailing uptrend after a pullback, eventually reaching the critical resistance area at $2K. Yet, the bullish momentum faded due to increased selling pressure around this level, resulting in minor rejections.

Nevertheless, the price finds support at the 100-day MA, currently situated at $1,867, which has prevented further declines over the past few weeks. A breakout from this significant price range will likely play a pivotal role in determining Ethereum’s overall prospects in the mid-term.

The 4-Hour Chart

Upon analyzing the 4-hour timeframe, a bearish trend for Ethereum becomes evident as the price broke below its multi-week upward trendline after facing rejection at the $2K resistance zone. A subsequent pullback confirmed the breakout.

At present, ETH remains confined between two critical price levels: the static resistance at $2K and the critical support at $1,850. This suggests the potential for a range-bound market stage characterized by consolidation candles and the absence of a strong trend.

The price is expected to remain within this range until a breakout occurs, revealing the upcoming direction for Ethereum.

On-chain Analysis

By Shayan

The provided chart displays the Estimated Leverage Ratio in correlation with ETH’s price. This metric gauges the average leverage employe