Ethereum Tests ₱129,258 ($2,200), Pulls Back to ₱121,326 ($2,065) Support
Ethereum failed to hold gains above $2,180 and corrected back to $2,065, where it now consolidates above its 100-hour moving average. The price action hinges on whether bulls can reclaim $2,120 and push through $2,150 resistance.
Key Takeaway
Ethereum's $2,030 support is the line in the sand — hold it or fall to $1,920.
Ethereum pushed above $2,180 during its latest rally but failed to hold gains and corrected back to $2,065.
The price now sits above its 100-hour simple moving average, supported by a bullish trend line at $2,030 on the hourly chart. Bulls tested the $2,200 level during the recent move but couldn't break through, triggering a pullback that found support near the 50% Fibonacci retracement level from the swing low at $1,929.
The immediate challenge for Ethereum sits at $2,100, with first major resistance at $2,135. If bulls can push through $2,150, the path opens to $2,250 and potentially $2,320. But failure to clear that threshold could trigger another leg down.
The downside picture looks equally defined. The $2,030 trend line marks the critical support level — a clean break below that point would likely send Ethereum toward $2,000. Deeper losses could test $1,965, with the main support zone sitting at $1,920. The 61.8% Fibonacci retracement level clusters near the $2,030 area, adding technical weight to that support.
Kraken's ETH/USD pair shows the token consolidating after testing both ends of its current range. The next move hinges on whether Ethereum can reclaim $2,120 and push toward $2,150 resistance.
This article was written based on reporting from NewsBTC.
