Ethereum's Trump-Induced Pump Fizzles at Key Resistance

Ethereum's recent price action has been influenced by high-profile enthusiasm from an unexpected source - Eric Trump. On July 12, he wrote on X that 'ETH is pumping hard! Great to see!' and added that 'crypto is the future.' However, this hype did not translate into sustained buying pressure, as Ethereum was rejected at the $1,805-1,812 resistance zone.

The price dipped to an intraday low of $1,780 before stabilizing near $1,792, up a modest 0.28% at the time of writing. This rejection is not entirely surprising, given that Ethereum's push into overhead supply was met with sellers positioned at this key resistance zone.

Despite the pullback, the technical indicators suggest an orderly rather than damaging correction. Ethereum remains above its falling 50-day Simple Moving Average (SMA) at $1,760 and the daily Relative Strength Index (RSI) is near 57, indicating cooling momentum without a bearish flip.

The area to watch for Ethereum's price action sits just below the current price, where the 50-day SMA converges with the 0.236 Fibonacci retracement of the June decline, around $1,730. A break below this confluence would open the door to a deeper retracement, potentially targeting the $1,700 shelf and then the $1,560 support.