Ethereum Stuck Below $1,948 Resistance Zone as Buyers Struggle to Regain Control

The Ethereum price continues to struggle below the $1,948 resistance zone, leaving bulls struggling to extend the recent recovery. Despite several attempts to push higher, ETH faces selling pressure around this key barrier, raising questions over whether buyers can finally gain enough strength to break above it.

The Relative Strength Index (RSI) is hovering around the 50 level, showing little upward movement after ETH's recent recovery. This suggests that buying momentum has stalled, with bulls struggling to build enough strength to push the price through resistance. The RSI remains below its moving average, adding to the indication that the rally is losing momentum rather than accelerating.

The cooling funding rates in the derivatives market have dropped by more than 30%, indicating a reduction in bullish leverage. This shift could be constructive if ETH manages to hold its ground near the current levels, as it may provide a healthier foundation for a fresh move higher. However, the falling funding rates do not confirm a bullish reversal on their own.