Ethereum's Recovery Halted by $1,961 Resistance

Ethereum traded in the green on Wednesday following a poor start to the week. Despite this, several indicators suggest traders remain reluctant to make significant new commitments.

Holdings across major wallet groups changed only modestly, with exchange net flows remaining close to neutral. US spot Ethereum Exchange-Traded Funds (ETFs) showed some improvement at the beginning of the week, but broader American investor sentiment remains weak.

From a technical perspective, ETH retains a mildly bullish short-term bias above its 20-day and 50-day Exponential Moving Averages (EMAs). However, the 100-day EMA and the horizontal resistance at $1,961 continue to limit its recovery.