Ethereum's bounce ran out of steam this week. After starting a downside correction from $2,120, the second-largest cryptocurrency by market cap slipped below $2,100 and is now trading under the 100-hourly simple moving average. A break below a key bullish trend line at $2,105 on the hourly chart has put the bulls on the defensive, with immediate support at $2,075 and the 61.8% Fibonacci retracement level at $2,060 in play.
Resistance at $2,120 Holds Firm
Bulls tried to defend the $2,080 area — and they did, briefly. But every attempt to push higher has been capped. The first resistance sits at $2,110, and the next major one is $2,120. Ethereum is trading below $2,095 and the 100-hourly SMA, which means momentum is leaning bearish. A clean break above $2,120 could open the door to $2,150 and eventually $2,220 — but that's a big if right now.
Support Levels Under Pressure
If ETH can't clear $2,120, the downside is the path of least resistance. The initial support is $2,075, but the real test is $2,060 — the 61.8% Fib retracement of the recent upswing. A clear move below that level could accelerate losses toward $2,020, with $2,000 and $1,940 as the next downside targets. That's not a prediction — it's just the technical setup the facts describe.
Momentum Shifts Bearish
The hourly MACD is gaining momentum in the bearish zone, and the hourly RSI is stuck below 50. Neither indicator is screaming "buy the dip" yet. The major support level to watch is $2,060; the major resistance is $2,150. Until ETH reclaims $2,120 with volume, the short-term bias stays tilted to the downside.
What happens next depends on whether buyers can defend $2,060. If they can't, the path toward $2,000 becomes the next concrete question mark.
