Ethereum Stuck Below ₱119,918 ($2,050) After Failing ₱122,200 ($2,089) Rally
Ethereum's failure to break through $2,050 resistance has triggered bearish momentum across multiple indicators. The 100-hour moving average and MACD both signal downward pressure as support levels come into focus.
Key Takeaway
Ethereum's failure at $2,050 and drop below $1,950 signals bearish control unless $1,932 support holds.
Ethereum hit $2,089 before sliding back below $1,950, failing to clear the $2,050 resistance that's kept the price capped for days.
The drop pushed ETH below the 50% Fibonacci retracement level of its recent rally from $1,835. That's a technical red flag. The hourly MACD is gaining momentum in bearish territory while the RSI sits below 50, signaling sellers have control. Ethereum also trades under its 100-hour simple moving average, another bearish sign.
Support now sits at $1,960, which aligns with a rising channel on the hourly chart. If that breaks, the next floor is $1,932—the 61.8% Fib retracement level. Below that, $1,895 becomes the line in the sand. A breach there could send Ethereum toward $1,850 or even $1,820, the main support zone.
On the upside, Ethereum needs to reclaim $2,000 and hold it as support before attempting another run at $2,050. Clearing that level opens the door to $2,080, where the previous high formed. Beyond that, $2,120 is the next barrier, with $2,200 and $2,220 as potential targets if bulls regain momentum.
Bulls pushed above $2,020 earlier but couldn't sustain the move. Without a clean break above $2,050, Ethereum risks sliding further as momentum fades. Data from Kraken shows the hourly chart leaning bearish, with the 61.8% Fib retracement level at $1,932 acting as the critical make-or-break point in this correction.
This article was written based on reporting from NewsBTC.
