Ethereum (ETH) dropped below $1,920 before finding a floor at $1,905 and mounting a partial recovery, but a bearish trend line at $1,985 and trading below the 100-hourly Simple Moving Average signal that the second-largest cryptocurrency remains under pressure near the psychologically significant $2,000 level.
What Happened: Recovery Stalls
The decline mirrored weakness in Bitcoin (BTC), with ETH breaking through the $1,935 and $1,920 support levels before buyers stepped in near $1,900. The bounce carried prices back above $1,945 and through the 38.2% Fibonacci retracement of the move from the $2,038 swing high to the $1,905 low.
ETH now trades below $1,970. Immediate resistance sits at that level, which aligns with the 50% Fibonacci retracement of the same downward move.
The key test remains $1,985, where a bearish trend line on the hourly ETH/USD chart intersects with price. A sustained break above $2,000 could open a path toward $2,050 and potentially the $2,120–$2,150 range.
On the downside, failure to clear $1,985 exposes support at $1,935, then the $1,905 low. A break below that level would target $1,880, with $1,820 serving as the major floor.
Also Read: Binance ETH Leverage Falls To Six-Month Low — A New Rally On The Horizon?
Why It Matters: Technical Crossroads
The hourly MACD is losing momentum in bullish territory while the RSI holds above 50 — a mixed signal that reflects the current standoff between buyers and sellers. The $1,905 support and $1,985 resistance define the range that will likely determine ETH's next directional move.
A decisive break in either direction could set the tone for the near term, with nearly $100 of range compression between the key levels creating conditions for an accelerated move once the consolidation resolves.
Read Next: Goldman CEO Says He Owns 'Very Little' BTC: "Still Trying To Figure Out How Bitcoin Behaves"