The Relative Strength Index (RSI) broke below the signal line after the $2,000 breakout was rejected and has been on a downtrend since then. Meanwhile, the MACD’s histogram is in negative territory although negative momentum seems to be decelerating.

The American session will determine ETH’s fate along with whatever Trump says during his upcoming speech. If ETH breaks above the $2,025 level, it could rally toward the $2,100 area next.

A long position right above $2,025 once the breakout is confirmed would offer an attractive risk-reward ratio of 1.9 if the $2,000 level acts as a floor during the American session. The exit price would be set at $2,100 for a 4% gain.

The RSI is currently retesting the signal line. A break above would also confirm a bullish outlook for ETH.