Ethereum Pressured Below $1,800 as Key Resistance Fails to Cap Momentum

Ethereum encountered selling pressure near the $1,800 resistance level, which had previously served as a pivotal point following the February double bottom formation. This level also aligned with the upper boundary of the daily Bollinger Band and the 38.2% Fibonacci retracement of the recent downward impulse that began in April.

The cryptocurrency has been trading within a defined sideways range since June, with $1,800 representing the upper boundary of this consolidation pattern. Given the prevailing daily downtrend and overbought stochastic conditions, Ethereum may face continued downside pressure toward the lower boundary of this range at the $1,500 support level.

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