Ethereum Breaks Below ₱113,602 ($1,920) Support Level
Ethereum has fallen sharply after losing key technical support, with technical indicators signaling weakness and bears in control of price action.
Key Takeaway
ETH must reclaim $2,020 to avoid testing the $1,750 main support level.
Ethereum broke below the ₱113,602 ($1,920) support level after losing a key bullish trend line at $2,020, according to Kraken data. The price formed a low at $1,912 during the decline.
ETH now trades around $1,980 with both the hourly MACD and RSI signaling continued weakness — the MACD is gaining momentum in bearish territory while the RSI sits below 50. Bears have seized control after ETH dropped under $2,000, marking entry into a bearish zone. The 100-hourly Simple Moving Average now acts as immediate resistance.
Bulls need to reclaim $2,020 to stabilize, but that level coincides with the broken trend line that previously provided support. The 50% Fibonacci retracement level at $2,050 represents the next major hurdle. That level measures the decline from the $2,200 swing high down to the $1,912 low. Breaking above $2,050 would open the door to test $2,120, with $2,250 as a potential target if momentum builds.
If the selloff continues, $1,880 marks the first major support level. Below that, $1,850 and $1,810 come into play before the main support zone at $1,750. The price currently trades below the 23.6% Fib retracement level, reinforcing the bearish technical picture.
The current pullback follows ETH's 25% surge in June 2025 after the Senate passed the GENIUS Act, which legally recognized stablecoins and boosted institutional confidence in Ethereum-based infrastructure. That rally pushed ETH to $3,824, breaking multi-month consolidation, but price now sits well below that level with immediate resistance at $1,980.
This article was written based on reporting from NewsBTC.
