Ethereum (ETH) bounced off the $1,793 level after a sharp selloff from near $2,000 but stalled at $1,950 resistance, where a bearish trend line on the hourly chart and the 76.4% Fibonacci retracement level converge to block further upside.
What Happened: Recovery Stalls at Resistance
ETH failed to hold above $1,880 and dropped through $1,850 and $1,820 before buyers stepped in near $1,800. The price then reclaimed $1,900 and the 100-hourly Simple Moving Average.
A bearish trend line on the hourly ETH/USD chart now forms resistance at $1,935. The 76.4% Fibonacci retracement of the decline from the $1,995 swing high to the $1,793 low sits at $1,950, creating a technical ceiling.
Above that level, resistance stands at $1,965 and then $2,020. A break through $2,020 could open the path toward $2,120 or $2,150.
On the downside, support holds at $1,900, with deeper floors at $1,870 and $1,845. A failure to hold $1,870 could send the price back toward $1,800 or even $1,780.
The hourly MACD is gaining momentum in bullish territory. The RSI sits above 50.
Why It Matters: Key Levels Ahead
The $1,950 zone represents a critical inflection point for Ethereum's near-term direction. If bulls fail to push through this resistance, the recovery from $1,793 risks becoming a dead-cat bounce, with sellers likely to reassert control and drive the price back below $1,900.
Conversely, a decisive close above $1,950 would invalidate the bearish trend line and reclaim most of the recent losses, potentially shifting momentum back in favor of buyers targeting the $2,000 area.
