Recovery Meets Fibonacci Resistance
Ethereum has rallied strongly from its recent lows but is now stalling beneath the 0.618 Fibonacci retracement at $1,920.43. Price briefly spiked into this level before pulling back, highlighting it as an area where sellers remain active.

Recent Structure Still Favours the Bears
The latest recovery follows a bearish break of structure and change of character earlier this week. Unless bulls can reclaim the recent highs, the current rally risks becoming another lower high within the broader short-term trend.

Moving Averages Improving
The 100/50-Day EMAs remain bullishly crossed, with both averages beginning to turn higher as price trades back above them. While this is an encouraging development, it has yet to outweigh the resistance overhead.

Bulls Need Another Break Higher
A decisive break and close above the 0.618 Fibonacci level would weaken the bearish case and shift attention towards the psychological $2,000 level and the $1,981 swing high. Failure to overcome resistance would keep the risk of another move back towards $1,848 and $1,822 support.

In Summary
Ethereum has recovered well, but the rally is now facing its first major technical test beneath the 0.618 Fibonacci retracement. While improving moving averages support the recovery, the recent bearish change of character means the possibility of another lower high cannot be ignored. A break above resistance would strengthen the bullish outlook, while another rejection would keep the short-term advantage with the sellers.