Ethereum Faces Major Hurdles Near $2,000

Ethereum is currently working to build momentum after pulling back from its yearly highs. While the price has climbed back near $1,900, it remains stuck under important moving averages. Specifically, the 100 day and 200 day moving averages sit at $1,950 and $2,050. These levels are acting as a ceiling that buyers must push through to signal a change in the broader market trend.

On the shorter term 4 hour chart, Ethereum recently broke out of a descending channel. This move helped the price find support around $1,850. If this level holds, traders are watching for a push toward the $2,000 mark. If it clears that, the next major target to the upside sits at $2,100. However, if the price drops below $1,850, it could quickly slide back toward $1,750.

Beyond the price action, on chain data shows that network activity is still relatively quiet. The number of daily active addresses is holding steady around 400,000, but it has not shown a significant increase during this latest rally. Usually, a sustained bull run is backed by more users engaging with the network. For now, the recovery looks promising from a technical standpoint, but it still needs a boost in real network usage to gain firm ground.