ETHUSD (Ethereum) had been in a steady advance since mid-June, posting a fresh two-month high of 1,976 on Monday. However, the digital coin quickly surrendered some gains, with the bears currently attacking the 1,900 region.
The momentum indicators currently suggest that bullish forces are subsiding but have not totally surrendered yet. Specifically, the stochastic oscillator is ticking down near its overbought zone, while the RSI is losing some ground but holds comfortably above its 50-neutral mark.
Should sellers try to push the price lower, the recent support of 1,890 could act as the first line of defense. Dipping beneath that wall, the price might slide towards the 50-day simple moving average (SMA), a violation of which could open the door for the 1,815 hurdle. Even lower, the May bottom of 1,740 may prove to be the next obstacle for sellers to overcome.
On the flipside, bullish actions could propel the price towards the recent two-month high of 1,976. If that barricade fails, the bulls might aim for the August 2022 peak of 2,030. Failing to halt there, the digital coin could ascend to challenge the one-year high of 2,142.
Overall, ETHUSD has been experiencing a correction from its recent high, but it has failed to post a fresh lower low so far. If that scenario materializes, we could see further losses for Ethereum.
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