Ethereum Stalls at ₱129,552 ($2,150) as Momentum Weakens
After climbing past the 61.8% Fibonacci retracement level, Ethereum has stalled at ₱129,552 ($2,150), which marks the 83.2% retracement and a structural ceiling. BlackRock's launch of a Staked Ethereum ETF and easing geopolitical tensions from U.S.-Iran ceasefire talks fueled the initial rebound.
Key Takeaway
Ethereum's rally stalls at $2,150 with weak momentum — bulls need a clean break above $2,200 to avoid retracement.
Ethereum is testing the ₱129,552 ($2,150) resistance level, which marks the 83.2% Fibonacci retracement and represents a structural ceiling. Immediate resistance sits at $2,120 before the $2,150 level.
If bulls clear $2,150, the next major resistance appears at $2,200. A clean break above that level could open the door to $2,250, with extended upside targets at $2,320 and $2,350. BlackRock's launch of a Staked Ethereum ETF and easing geopolitical tensions from U.S.-Iran ceasefire talks provided the initial fuel for the rebound.
Hourly momentum indicators tell a different story. The RSI remains below the 50 zone, and the MACD is gaining momentum but still trades in bearish territory. ETH is holding above the 100-hourly simple moving average, which provides immediate support, but the momentum divergence suggests bulls are running on fumes. Nearly ₱18.08 billion ($300 million) in long positions were liquidated during a weekend selloff, creating a crowded long imbalance that amplified volatility.
Downside risk builds if $2,150 holds. Initial support sits at $2,080, followed by $2,050 and $2,000. A break below $2,000 would expose $1,965, with the main support zone at $1,920. Bitcoin tested resistance at $72,600 during the same relief rally, but institutional buying paused after Michael Saylor skipped a Bitcoin purchase.
Ethereum needs to reclaim $2,200 to shift the technical structure back in favor of bulls, with $2,320 serving as the breakout confirmation level.
This article was written based on reporting from NewsBTC.
