$ETH The price of Ethereum has been forming consistently lower highs and lows since the token faced rejection at $4000.

After the token reached the local bottom below $1400, bulls have been trying to prevent a severe price drop, but they have also failed to overcome the fundamental resistance.

The token has been firmly accumulating below $1655 since the beginning of the month, suggesting the presence of bulls, as the price has been defending the support at $1542.

Volume has increased, indicating a rise in trading activity that may further increase volatility and positively impact the price.

On the other hand, the RSI has triggered a bullish divergence and is trying to reach the average range.

If the RSI surpasses the range, the price of ETH may bounce above $2000, maintaining the bullish price forecast for Ethereum for the month.