ETH Price Stabilizes at $1.9K, But Bulls Face Crucial Test

Ethereum has been on a recovery path after plummeting to its June lows. The price has managed to clear the $1.9K resistance level, but it's still unclear if this will lead to a sustained rally or just another false dawn.

The daily chart shows that Ethereum remains below both the 100-day and 200-day moving averages, which is still bearish. However, the 4-hour timeframe paints a more optimistic picture as ETH presses against key resistance levels.

One of the most promising signs for Ethereum bulls is on-chain data, which indicates that exchange balances have fallen to fresh cycle lows. This suggests that investors are moving their coins into self-custody or long-term storage rather than preparing them for sale.