The Ethereum price briefly reached a level above $1900 before experiencing a significant pullback to around $1862. Despite showing strength over the past week, technical indicators suggest a loss of momentum, leading to expectations of further downward movement. Bulls attempted to surpass the major resistance at $1920 but were unsuccessful, and the price now trades at this resistance with limited chances of a bullish breakout. The price has been holding above the interim support at $1845 for over a week, but a similar pattern to the one seen in April raises concerns of a significant drop. The bearish RSI indicator indicates a potential drop towards the next target at $1758 and possibly even lower towards $1700. Currently, the price is trading at around $1865.31, with major support at $1840. A minor rebound may occur, but continued losses could lead to the price dropping below $1800. Short-term indicators remain bearish, and major resistance lies at $1900. The future price movement will determine the next steps for Ethereum, which is currently influenced by bears.
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