Ethereum Price Analysis: ETH Fails Again at $1,948 as Breakout Pressure Builds — What’s Next?

The Ethereum (ETH) price has once again failed to clear the $1,936–$1,948 resistance zone, leaving bulls struggling to extend the recent recovery. Despite several attempts to push higher, ETH continues to face selling pressure around this key barrier, raising questions over whether buyers can finally gain enough strength to break above it. With the price now consolidating below resistance, what could be next for ETH?

Ethereum Price Analysis: RSI Signals Fading Momentum

Ethereum’s repeated rejection from the $1,936–$1,948 resistance zone is becoming more significant as momentum indicators fail to strengthen. The 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 also remains below its moving average, adding to the indication that the rally is losing momentum rather than accelerating.

However, the RSI is still near the neutral zone, so it does not yet signal a strong bearish reversal. Instead, it points to a loss of momentum while ETH remains range-bound. A sustained move in the RSI above 50–60, alongside a breakout above $1,948, would provide stronger confirmation that buyers are regaining control. Until then, another rejection from the resistance zone could keep ETH under pressure and bring $1,837 support back into focus.

Liquidation Map: What Is Holding ETH Below $1,948?

Ethereum’s repeated rejection near the $1,936–$1,948 resistance zone becomes more significant when viewed alongside the liquidation map. ETH is currently trading below a sizeable concentration of short liquidation liquidity around the $1,940–$1,960 region, suggesting that a move above resistance could quickly put bearish positions under pressure.

However, this liquidity is not enough to trigger a rally on its own. ETH first needs to break through the resistance where sellers have repeatedly stepped in. If bulls manage to push ETH above $1,948, short liquidations could add momentum to the move and drive price toward $1,960, with the psychological $2,000 level becoming the next key target. Conversely, another rejection would indicate that buyers still lack the strength needed to absorb selling pressure at the resistance zone.

Funding Rates Drop Over 30% as Leverage Cools

Ethereum’s funding rates have dropped by more than 30%, indicating that bullish leverage in the derivatives market has eased as ETH continues to struggle below the $1,948 resistance. The decline suggests that traders are becoming less aggressive with leveraged long positions, reducing the risk of an overcrowded long trade.

This shift could be constructive if ETH manages to hold its ground near the current levels. With less leverage supporting the market, a fresh move higher may have a healthier foundation rather than being driven purely by excessive speculative positioning. However, the falling funding rates do not confirm a bullish reversal on their own. ETH still needs to break above $1,948 to show that buyers have regained control and turn the cooling derivatives positioning into a potential breakout setup.

Active Addresses Surge, Offering a Positive Fundamental Signal

Ethereum’s network activity has picked up sharply over the past two days, with active addresses surging to around 870,000, well above the recent range. The increase suggests that more users are interacting with the Ethereum network, providing a positive fundamental signal even as ETH struggles to gain momentum near resistance.

The timing of the spike is particularly notable. While the RSI points to weakening price momentum, rising active addresses suggest that network participation is moving in the opposite direction. If this elevated activity persists, it could strengthen the underlying demand for ETH and support another attempt at the $1,936–$1,948 resistance zone. However, a short-term spike in active addresses alone does not confirm a price breakout, making sustained activity and price response important to watch.

What’s Next for Ethereum Price?

The Ethereum price remains stuck below the $1,936–$1,948 resistance zone, with the flat RSI suggesting that the rally is losing momentum. However, cooling funding rates and rising active addresses keep the broader setup from turning decisively bearish. A breakout above $1,948 could open the path toward $1,960 and $2,000, while another rejection could bring $1,837 support back into focus.