Ethereum (ETH) is currently trading at critical levels, enduring weeks of selling pressure. Having retraced below $2,000, the cryptocurrency struggles to regain momentum. It is currently down 21% from that level, hovering near $1,580.
The market shows extreme indecision, with Ethereum's price remaining compressed for the past two days, according to analyst Daan. This consolidation often precedes sharp price action. Traders are closely watching for a breakout or breakdown.
Macroeconomic uncertainty, including global trade tensions, influences investor sentiment. Bulls must reclaim the $1,850 resistance zone to confirm a trend reversal. A drop below $1,500 could lead to deeper losses.
Ethereum's price has been "extremely compressed" with no meaningful movement for two days. This compression usually precedes a significant breakout. Investors are closely monitoring this setup.
Last week, a 90-day tariff pause was announced for all countries except China. The unresolved status of US-China trade relations continues to weigh on markets. Ethereum's next move could define the short-term trend.