Ethereum Price Tests Major $2,000 Resistance

Ethereum's price has been testing the $2,000 level after recovering from its late-June low near $1,570.

The rebound coincided with several large on-chain purchases, but Ethereum still faces resistance around $2,000, $2,200, and $2,400.

A successful reclaim of the $2,000 level could send Ethereum toward its previous highs and potential resistance around $2,200, according to analyst TedPillows.

Ethereum has also broken above a descending channel that directed price action for several months, suggesting buyers are gradually changing the market structure.