Ethereum is consolidating around $1,880 after rebounding from June lows, but the structure remains under pressure with a series of lower highs and a descending dynamic resistance. The immediate resistance zone sits near $1,900, corresponding to the 100-day moving average, while $2,100 represents a key level to confirm a genuine recovery. On the 4-hour chart, ETH has been moving within an ascending channel since June but failed to break through the $1,960 resistance and is now pulling back toward the $1,800 support. The exchange supply ratio has declined from 0.18 in mid-2025 to 0.127 currently, indicating a shrinking amount of ETH held on exchanges, though this alone does not offset the bearish pressure. For the trend to reverse, Ethereum needs to sustainably break above the $2,000 level.
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