Ethereum is trading below $2,120 and the 100-hourly Simple Moving Average this Wednesday, as a recovery wave from $2,075 loses steam. The largest altcoin hit the 61.8% Fibonacci retracement of the recent $2,197-$2,075 decline but failed to hold above $2,150, leaving the short-term bias bearish.
Trend Line Resistance at $2,120
On the hourly chart, a bearish trend line is forming with resistance at $2,120. That level, together with the $2,150 mark, has capped any upside attempts. The hourly MACD is showing bearish momentum, and the RSI remains below 50 — signals that buyers haven't regained control.
Key Support Levels in Focus
Major support sits at $2,075, just above the recent swing low. If that gives way, the next downside targets are $2,020 and then $2,000. A break below $2,000 would mark a fresh low for the month.
What Needs to Happen for a Reversal
On the upside, ETH needs to clear the $2,120 trend line and then $2,150 to gain traction. The next major resistance cluster sits at $2,200 and $2,220. If $2,220 breaks, a run toward $2,300 becomes possible. But with momentum leaning bearish, the path of least resistance is lower for now.
Traders are watching the $2,075 level closely. A daily close below that could accelerate selling pressure toward the psychological $2,000 handle.
