Ethereum Price Consolidates; Awaiting Potential Breakout

• The ETH price may have a significant breakthrough in the month of August.
• A drop might begin in the ETH price if it is unable to break through the $1,875 level.

There has been hardly any upward or downward movement in the Ethereum price during the last several days. Ethereum price is following in Bitcoins footsteps. However, the ETH price may have a significant breakthrough in the upcoming month of August.

In light of Bitcoin’s latest decline to $29,000, the price of Ethereum has fallen back below the $1,900 threshold. But after dropping below $1,850 for a few days, the price has increased marginally again recently.

Indecisive Breakout

In the last two weeks, the price of Ethereum has generally stayed between $1,850 and $1,950. This trend of indecision seems like a range-bound consolidation that might explode into a sharp uptick or downtick at any moment.

The hourly chart also shows a breach below a major bullish trend line that was providing support at $1,870. The price has lately begun a new upswing after testing the $1,850 resistance level. A rise occurred over $1,865. Moreover, a 50% Fibonacci retracement barrier of the decline from the swing high at $1,885 to the low at $1,850 was broken by the bulls.

Furthermore, Price action puts it below $1,875 and the 100-hourly SMA. The first significant barrier is about $1,885. If the price breaks through the $1,900 mark, the next major barrier is seen in the $1,950 area. If the price continues to rise, it may soon surpass the $2,000 mark.

Another drop might begin in the Ethereum price if it is unable to break through the $1,875 barrier level. The area around $1,860 should provide as first downward support. If the price drops below the $1,850 area, it may seek refuge in the $1,820 region. The next significant support is at $1,780.