Ethereum has broken below its ascending trendline from the early-July lows and is consolidating around $1.88K, with weak liquidity keeping the market in a choppy holding pattern. The $1.80K-$1.84K zone is the key support standing between ETH and a deeper slide toward $1.71K-$1.75K.
Ethereum is stuck in a difficult consolidation phase, and the latest structural break adds fresh downside risk. ETH is holding near $1.88K, with weak liquidity and subdued trading activity preventing buyers or sellers from taking control.
Daily chart shows a momentum drought
On the daily timeframe, ETH is trading around $1.88K, and price action has grown increasingly choppy and compressed since the recovery from the $1.53K-$1.57K support zone. Neither buyers nor sellers have generated enough sustained pressure to set a direction, so the market has settled into sideways fluctuations around the 100-day moving average.
That moving average, currently near $1.9K, remains a key threshold. ETH has repeatedly traded around it but has failed to break out and hold above it, while the broader descending trendline still sits nearby as added resistance. As a result, the market stays vulnerable despite its recovery from June's lows. A decisive breakdown below the $1.80K-$1.84K support zone could shift attention back to the major $1.53K-$1.57K demand zone.
Four-hour chart shows a broken trendline
The short-term picture has deteriorated. ETH had been respecting an ascending trendline from the early-July lows, but the latest price action has broken below this trendline, an early bearish signal reinforced by the market's failure to reclaim it since.
ETH is consolidating around $1.88K as repeated attempts to build upside momentum have fallen short. The $1.80K-$1.84K demand zone is therefore the most important nearby support; if selling pressure increases and this area fails, the breakdown could develop into a larger correction that exposes the next major support around $1.71K-$1.75K. Conversely, the bearish scenario would start to weaken if ETH reclaims the broken trendline and pushes back toward the $1.95K-$1.98K resistance zone, though a breakout above that region would be needed to restore a bullish continuation setup.
Sentiment data points to fading conviction
The Spot Average Order Size metric offers another signal that conviction may be fading. During much of July and early August, green dots representing larger whale orders remained prevalent as ETH recovered from roughly $1.6K toward the $1.9K region. More recently, those green observations have disappeared and been replaced by gray dots reflecting more normal-sized activity around the current $1.9K price area.
A similar shift appeared on the chart around early May, when green dots also gave way to gray observations before ETH went on to experience a significant decline. That historical similarity does not guarantee another selloff, but it adds weight to the cautious technical picture. Combined with the four-hour trendline breakdown and weak daily momentum, the latest on-chain behavior suggests downside risk should stay firmly on the radar.
Source: CryptoPotato
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