Ethereum Reaches Key Resistance at $1,950 Amid Central-Bank Uncertainty

Ethereum's recent rebound has been met with a significant resistance level at $1,950, which is near a second horizontal level and the 100-day simple moving average. The current shelf that Ethereum is trading against has been a well-established supply zone since July 15, and a close above it would confirm Tuesday's defense of $1,870 as something more durable than a short-lived reaction.

The daily RSI stands near 57, above its signal line, indicating improved momentum while staying well short of stretched levels. However, the setup is sensitive to central-bank decisions, particularly the Federal Reserve's expected rate decision on July 29 and the Bank of Japan's rate path across Thursday and Friday.

A close above the current shelf would open the $1,950 test, with clearing this level exposing the June channel's lower boundary at $1,985. The psychological level at $2,000 sits immediately above, concentrating the barrier between $1,985 and $2,000. Traders who bought before Ethereum's broader decline towards $1,500 may treat another visit as a chance to reduce exposure.

The defense of $1,870 comes against a broader expansion in Ethereum's holder base, with 200 million non-empty wallets crossing the threshold for the first time during the past two weeks. A growing base of balance-holding addresses can help the market absorb supply during pullbacks, but nothing proves those wallets bought at $1,870.