Ethereum Drops Below $2,120 As Bears Regain Control

Ethereum (ETH) climbed past the $2,050 mark in a recovery wave that outpaced Bitcoin (BTC), but sellers at the $2,150 resistance level forced a retreat that now threatens to erase those gains.

ETH Recovery Stalls at $2,150

The rally pushed ETH above the $2,050 and $2,065 resistance levels, clearing the 61.8% Fibonacci retracement of the decline from $2,198 to $1,936. Bears stepped in near $2,150 and drove the price back below $2,120.

A short-term contracting triangle on the hourly ETH/USD chart, tracked via Kraken data, broke to the downside at the $2,135 support line. ETH still trades above the 100-hourly simple moving average. The pair needs to hold $2,050 for any renewed push higher.

ETH Resistance Levels & Downside Risk

If buyers reclaim $2,150 — the 83.2% Fib retracement of the same swing — the next targets sit at $2,200 and $2,250. A break above $2,250 opens a path toward $2,320 or even $2,350.

Failure to clear $2,150 could send ETH back toward $2,080 and then $2,050. A drop below that floor exposes $2,000, with deeper support near $1,965 and $1,920.

Hourly technical indicators lean bearish. The MACD is gaining downside momentum, and the RSI sits below 50.

Alexey Bondarev is the Head of Content at Yellow.com, having reported on crypto for the last 10 years. He specializes in in-depth Research and Learn pieces, with a focus on analytical reporting, industry context, and the bigger forces shaping crypto, from the AI era and security technologies to fintech innovation. He believes that everything digital will imminently overcome everything analogue and is working hard to make that come true.