Ethereum Bulls Eye $2.2K Resistance After Reclaiming Key Support Level

Ethereum (ETH) has reclaimed its key support level of $1,800 after rebounding from June lows, but resistance near $2,000 and $2,200 will decide whether the recovery can continue. ETH has recovered from the $1,500 demand zone and moved back above $1,800. The daily chart still places the token inside a broad descending channel, with its upper boundary and 100-day moving average converging near $2,000.

That area has already drawn selling pressure. A sustained break above the channel could shift attention to the $2,000-$2,200 band, where the 200-day moving average creates another barrier. Clearing $2,200 would mark a more meaningful change in market structure and leave room for a wider recovery.

According to Shayan Markets, holding $1,800 would preserve the bullish short-term structure and support another attempt at the resistance cluster above $2,000. A decisive loss of that support would expose $1,720 first, followed by the $1,620-$1,640 order block where buyers previously returned.

Exchange data provides a constructive backdrop. Centralized trading platforms now hold about 15.3 million ETH, the analysis said, near the lowest level recorded in recent years. Falling reserves often indicate movement into self-custody or longer-term storage, reducing immediately available supply, although the measure does not guarantee a price increase.