Evaluation of Ethereum Pricing: Early Indicators of Market Fatigue After ETH Rebounds from $1,850

Ethereum is currently in a consolidation phase after failing to break the $1,850 resistance point, showing signs of weakening momentum. Despite cautious optimism indicated by open interest and funding data, the success of Ethereum's upward trend hinges on the ability of buyers to maintain key short-term levels.

Technical analysis reveals a bearish macro structure, with price trapped below both the 100-day and 200-day moving averages. Ethereum has shown resilience at the $1,700 pivot, but if that fails, the next major support is at $1,500K. Current market conditions show a balance, with no heavy long or short positioning, but are susceptible to quick sentiment shifts. If Ethereum continues to struggle with resistance, downward pressure may increase.

Conversely, a sudden breakout above the $1,900 area could surprise the market, triggering a surge of short covering.