Ethereum’s price action is showing signs of exhaustion after a recent rejection at the $1,850 mark. While the asset remains relatively stable, momentum is weakening as buyers struggle to overcome resistance. Technical analysis reveals cautionary signals: Price is trapped below both the 100-day and 200-day moving averages, indicating bearish market structure. The recent rally from $1,500 was strong but lacked follow-through, failing to close above the $1,900 zone. If ETH loses support at $1,700, subsequent resistance could trigger a sell-off towards the $1,500 level. Further analysis reveals short-term buying activity with an ascending channel forming on the 4-hour chart. However, this has triggered a pullback after failing to break the $1,800 barrier and now faces testing around the $1,740 support zone.