Ethereum is trading near $1,920 after recovering from June lows near $1,600, but the broader trend remains bearish as price stays below both the 100-day and 200-day moving averages. The 4-hour chart shows improving short-term momentum, with ETH pressing against a descending trendline resistance. On-chain data reveals exchange balances hitting fresh cycle lows, with the Exchange Supply Ratio falling to approximately 0.127, indicating reduced sell-side pressure. However, a confirmed bullish reversal requires a sustained move above the $2,200 resistance cluster.
Ethereum is trading around $1,920 after rebounding from the $1,600 demand zone where buyers stepped in following the June selloff. The recovery has carried price back above a major confluence resistance formed by the long-term descending trendline and the 100-day moving average near $1,900. Despite the bounce, Ethereum remains below both the 100-day and 200-day moving averages, with the 200-day MA still trending lower near the $2,100 region. As long as the asset remains beneath these dynamic resistance levels, the broader market structure continues to favor sellers. The first key resistance lies at $2,100, where the 200-day moving average intersects with a major supply zone. On the downside, immediate support is located around $1,850, followed by the stronger demand zone at $1,600.
The 4-hour chart presents a more constructive picture, with Ethereum consolidating above the $1,850 support zone while compressing beneath a descending trendline. This structure resembles a short-term falling wedge breakout attempt, with buyers defending higher lows despite selling pressure from trendline resistance. A decisive breakout above the descending trendline could trigger a move toward the $2,000 psychological level. However, failure to break the trendline could lead to a breakdown of the $1,850 support, potentially revisiting the $1,750 demand area.
On-chain analysis shows the Exchange Supply Ratio continuing to trend lower, reaching approximately 0.127, the lowest reading on the chart. This persistent decline indicates a smaller proportion of Ethereum’s circulating supply is held on centralized exchanges, suggesting investors are moving coins into self-custody or long-term storage. While this metric does not guarantee higher prices in the short term, it generally reflects declining spot sell-side pressure and improves medium-term supply dynamics. The combination of shrinking exchange reserves and Ethereum holding above key support creates a constructive backdrop, though price confirmation above the descending trendline and $2,200 resistance is needed to align the on-chain picture with a confirmed bullish technical reversal.
