Ethereum Price Stalls at Key Resistance Level After $1.8K Rebound

Ethereum's price has made a significant recovery from its June lows, reclaiming the $1,800 mark and moving closer to the $2,000 resistance zone. According to recent data, exchange reserves have fallen to around 15.3 million ETH, which could be a bullish sign for the token.

The four-hour chart shows a double bottom pattern near $1,500 and an ascending channel formed by higher highs and lower lows. However, Ethereum's price has been rejected at the $2,000 level before, and it is unclear whether it can break through this barrier.

Shayan Markets' analysis suggests that holding onto the $1,800 support would preserve a bullish short-term structure and allow for another attempt to reach the resistance cluster above $2,000. A loss of this support, on the other hand, could expose lower price levels such as $1,720 or even $1,620-$1,640.