Ethereum price fell to a low of $1,914 on Kraken earlier this week before staging a recovery. The second-largest cryptocurrency is now consolidating above $2,050 but remains below the $2,165 level and the 100-hourly simple moving average. Traders are watching whether the bounce can hold or if a deeper decline is in store.
The $1,914 low and the recovery
The drop below $2,000 caught many off guard, hitting $1,914 on Kraken — a level not seen in recent weeks. From that low, ETH climbed back above the 61.8% Fibonacci retracement level of the recent slide, signaling some buying interest. Still, the recovery hasn't been strong enough to push the price above key short-term moving averages.
Resistance levels to watch
Immediate resistance sits at $2,150. If Ethereum can clear that, the next hurdles are $2,175 and $2,200. A move above $2,200 would open the door to the major resistance at $2,190, but that's a tough nut to crack given the current bearish momentum. The MACD on the ETH/USD pair is losing steam in the bearish zone, while the RSI has crept above 50 — suggesting the selling pressure may be easing, but it's not gone.
What happens if the rally stalls
If Ethereum fails to push past $2,150, expect a retest of lower supports. The first floor is $2,090, then $2,050 — where the current consolidation is happening. A break below $2,050 could send ETH down to $2,020 and, if that doesn't hold, probably $1,920. That last level is uncomfortably close to the recent $1,914 low, and a revisit would test the conviction of buyers who stepped in earlier this week.
Technical picture
The big picture isn't great. Ethereum is trading below both the $2,165 mark and the 100-hourly SMA — usually a sign that bears have the upper hand in the short term. The major support is $2,020, and the major resistance is $2,190. Until ETH decisively breaks one of those, the range-bound action could continue. Traders will be watching the daily close closely: a close above $2,150 would be the first real bullish sign in days.
