Ethereum's Price Review: ETH Recovers Over $1.6K, Still Demonstrates Fragile Momentum

Ethereum experienced a slight recovery this week, bouncing above $1,500, yet displaying slow momentum and a bearish on-chain sentiment. The crypto asset's daily structure remains largely bearish, persistently trading below the 200-day moving average of $2,800.

Ethereum has been unable to firmly maintain the $1,550 support zone after slipping from the $1,800-$2,000 range last week. The Relative Strength Index (RSI) also remains low, with no strong bullish divergence indicated by momentum indicators. Ethereum's price has recently bounced from the $1,550 support on the 4-hour chart, facing a major descending trendline acting as dynamic resistance.

Although there's been an increase in the Taker Buy-Sell Ratio for Ethereum, the overall trend remains bearish. The market orders are primarily sell-driven, indicating a lack of strong demand and bullish conviction.