Ethereum (ETH) faces resistance near $2,120 following a recovery from $1,880 lows, with technical indicators showing consolidation below a bearish trend line that could determine the next major price move.
What Happened: Market Recovery
Ethereum established support above $1,880 and climbed past $1,950 and $1,980 resistance levels. The price advanced beyond the 50% Fibonacci retracement level of the downward move from the $2,340 swing high to the $1,745 low.
Bulls pushed ETH above $2,050 but encountered obstacles near $2,120. A major bearish trend line formed with resistance at $2,110 on the hourly chart of ETH/USD.
The price trades below $2,100 and the 100-hourly Simple Moving Average. Initial resistance sits near $2,110 and the trend line, with the first key barrier at $2,200 and the 76.4% Fibonacci retracement level.
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Why It Matters: Breakout Potential
A move above $2,240 resistance could push Ethereum toward $2,350. An upside break above $2,350 might trigger additional gains toward $2,550 or $2,665 in the near term.
Failure to clear $2,110 resistance could trigger a fresh decline. Support sits near $2,040, with major support at $2,000. A break below $2,000 might push the price toward $1,880 support, with main support at $1,720.
The hourly MACD is losing momentum in the bearish zone.
The Relative Strength Index for ETH/USD sits below the 50 level.
As Yellow Media wrote before, Ethereum had seen its Coinbase Premium Index on a 30-day moving average fall to its lowest reading since Jul. 2022, signaling that U.S. institutional demand has weakened to levels last observed during the deepest stretch of the previous bear market as the asset tests the $2,100 support zone.
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