Ethereum (ETH) climbed back above the $2,000 mark after finding support near $1,920, breaking above a key bearish trend line on the hourly chart and putting the $2,090 resistance level in focus as bulls attempt to extend a broader recovery wave.
What Happened: ETH Breaks Resistance
The price formed a base around $1,920 and pushed past the $1,980 resistance, according to hourly ETH/USD data. A bearish trend line that had capped gains at $1,960 gave way during the move.
ETH crossed above the 23.6% Fibonacci retracement of the decline from its $2,200 swing high to the $1,912 low. It now trades above both $2,000 and the 100-hourly simple moving average.
Immediate resistance sits at $2,050, with the more significant barrier at $2,090, which aligns with the 61.8% Fibonacci retracement of that same downward move. A sustained push through $2,120 and $2,150 could open a path toward retesting $2,200 or even $2,250.
On the downside, failure to clear $2,090 risks a retreat toward $1,980 support. A break below that level would expose $1,940 and potentially $1,880. The hourly MACD remains in bullish territory, and the RSI holds above 50.
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Why It Matters: Recovery Test
The move above $2,000 is significant because it followed a pattern similar to Bitcoin's (BTC) recent bounce, suggesting broader market strength rather than an isolated rally. The break of the bearish trend line and the positioning above key moving averages signal a potential shift in short-term momentum.
However, the $2,090 level represents a critical test. The 61.8% Fibonacci retracement has historically acted as a decision point where recoveries either accelerate or stall, making the next few sessions decisive for ETH's near-term direction.