Ethereum’s price recovery appears to be losing strength as buyers struggle to maintain control above key resistance zones. Despite bouncing from the $3,700 level earlier this week, ETH remains capped below $3,920, with technical signals suggesting a potential continuation of sideways-to-bearish movement in the near term.

Key Takeaways

Ethereum (ETH) is trading around $3,892, up slightly but still below major resistance.

The $3,850–$3,920 range remains a critical battleground between bulls and bears.

Failure to break above $3,920 could trigger a retest of $3,740 or even $3,650 support.

Momentum indicators point to weakening bullish pressure amid cautious market sentiment.

Ethereum Price Fights to Hold Momentum

After sliding to $3,724, Ethereum attempted a moderate rebound, mirroring Bitcoin’s recovery earlier this week. ETH briefly reclaimed $3,800, clearing the 23.6% Fibonacci retracement level of the drop from $4,110 to $3,708, but upside momentum quickly stalled near the $3,850–$3,920 resistance area.

Ethereum is currently trading below the 100-hour Simple Moving Average (SMA), with a short-term bearish trend line forming near $3,850 on the hourly chart — a structure that continues to limit upward movement.

Resistance and Support Levels to Watch

Ethereum faces immediate resistance near $3,920, aligning with the 50% Fibonacci retracement of the latest decline. A confirmed breakout above $3,950 could spark renewed bullish momentum toward $4,020, and possibly $4,120–$4,150 if volume expands.

However, if ETH fails to clear $3,850, it risks losing short-term support at $3,800. A drop below this level would expose $3,740, followed by deeper support around $3,650–$3,620 — levels that coincide with previous consolidation zones.

Technical Outlook

MACD (Hourly): Weakening momentum in the bearish zone, suggesting limited buyer strength.

RSI (Hourly): Hovering near 46, indicating a neutral-to-bearish setup.

Trend Bias: Neutral-to-bearish unless ETH closes decisively above $3,950.

Market Sentiment Remains Cautious

Ethereum’s muted price action mirrors the broader crypto market’s consolidation phase, as traders await clarity from upcoming macroeconomic catalysts — including the Federal Reserve meeting later this month.

Liquidity has thinned across major trading pairs, and institutional order books show subdued buying activity, reinforcing the idea that ETH may remain range-bound until a decisive breakout occurs.

For now, Ethereum’s $3,850–$3,920 resistance corridor remains the key zone to watch. A move above this range could revive bullish conviction, while failure to hold $3,740 support may invite further downside pressure toward $3,650.