Ethereum Price Struggles to Break Above Key Resistance Levels

Ethereum's price remains under pressure on higher timeframes despite showing signs of stabilization over the past few weeks.

The daily chart shows ETH trading around $1.86K after recovering from a June sell-off that briefly pushed the price into a major demand zone around $1.5K.

The asset sits just above the higher trendline of a long-term descending channel after a recent breakout, but both the 100-day and 200-day moving averages are still overhead, indicating sellers control the higher timeframe structure.

On-chain data continues to provide a constructive backdrop as exchange balances decline, which has historically reflected improving investor conviction and reduced immediate selling pressure.