Ethereum Price Struggles to Clear Key Resistance at $2,140.80

The Ethereum price is hovering around $2,011 as it navigates technical resistance. The daily chart still shows a neutral structure despite recent gains, with the EMA200 at $2,140.80 remaining an obstacle to overcome.

Ethereum has cleared both the daily EMA20 and EMA50 but remains capped by the longer-term EMA200. This conflicting trend is evident in the lower timeframes, where the hourly RSI of 86.57 and the 15-minute RSI of 90.45 are deep in overbought territory.

The Fear & Greed Index remains at 46, indicating a fear-based sentiment despite the rally. On-chain activity, however, is picking up, with DeFi fees showing real growth. Uniswap V4 fees have risen by 94.92% over the past month, and Curve DEX fees are up 125.53%.

The bullish scenario hinges on Ethereum clearing $2,052.05 and pushing through to reclaim the daily EMA200 at $2,140.80. Failure to do so would suggest that this leg of the rally is running out of steam before the bigger resistance test.