Ethereum’s price recovery faces resistance
Ethereum found some footing around $1,922 after a recent decline, which is interesting to watch. The cryptocurrency managed to bounce back from that level, climbing above $1,950 in what looked like a recovery attempt. But now it’s stuck below $1,980, and honestly, that’s not where bulls want to see it.
What I’m noticing is that the 100-hour moving average is still above the current price, which typically suggests some downward pressure. The recovery did manage to clear the 38.2% Fibonacci retracement level from the recent drop, but that’s only part of the story. The real test, I think, is whether it can push past $2,000.
The $2,000 barrier looks significant
There’s this bearish trend line forming right at $2,000 on the hourly chart, which makes that level particularly important. If Ethereum can break through that, the next target would be around $2,020. And if it manages that, perhaps we could see a move toward $2,050.
But here’s the thing – the technical indicators aren’t giving strong signals either way. The MACD is losing its bullish momentum, which suggests the recovery might be running out of steam. The RSI is hovering near 50, which is basically neutral territory. It’s not oversold, it’s not overbought – it’s just… there.
Support levels to watch
If Ethereum fails to clear $2,000, we might see another decline. The immediate support sits around $1,935, with more significant support at $1,925. If that breaks, $1,880 comes into play, and then potentially $1,840.
What’s interesting to me is how this plays out relative to Bitcoin’s movements. Ethereum followed Bitcoin’s decline pattern, which isn’t surprising given their correlation, but sometimes they diverge. Right now, they seem to be moving in sync.
Market sentiment and next moves
The consolidation below $2,000 suggests traders are waiting for clearer signals. Some might be looking for a breakout above $2,020 to confirm a more sustained recovery. Others might be preparing for another test of lower support levels.
Personally, I think the $1,920-$2,000 range is where the battle is happening. A break above $2,050 could signal more upside, perhaps toward $2,120 or even $2,150. But a break below $1,920 could open the door to $1,820.
It’s one of those moments where the market feels balanced, but that balance could tip either way. The next few days should provide more clarity about which direction Ethereum chooses.
