ETH Price Remains Under Pressure, But On-Chain Data Suggests Bullish Sentiment
Ethereum's price remains under pressure in the higher timeframes despite showing signs of stabilization over the past few weeks.
The daily structure continues to trade below key moving averages, but on-chain data provides a constructive backdrop as exchange balances decline.
The ETH/USDT 4-hour chart presents a more promising picture, with Ethereum printing higher highs and lower lows while respecting a rising trendline. However, the asset has pulled back toward this trendline after being rejected from the ascending channel's higher boundary.
A decisive breakout above $1.9K to $1.95K could open the path toward the daily supply zone at $2K, but a breakdown below the white ascending trendline would weaken the short-term structure and increase the probability of a deeper retracement.