Ethereum (ETH) dropped sharply below $2,200 and is now consolidating above $2,025 after falling from a swing high of $2,385, with bearish technical indicators and two downward trend lines suggesting further losses unless the price reclaims the $2,120 resistance level.
ETH Price Breakdown
The decline accelerated after ETH failed to hold above $2,220, pushing the price below $2,150 and $2,120 into bearish territory. The sell-off briefly drove the price below $2,050 before it found a floor at $2,025.
ETH is now trading below the 100-hourly Simple Moving Average. Two bearish trend lines have formed on the hourly ETH/USD chart, with resistance at $2,120 and $2,165.
The 23.6% Fibonacci retracement level of the move from the $2,385 swing high to the $2,025 low sits above the current price, reinforcing near-term bearish pressure. Immediate resistance stands at $2,080, with the more significant barrier at $2,120 near the 100-hourly SMA.
A break above $2,165 could open the path toward $2,200, which aligns with the 50% Fib retracement of the same move. Beyond that, $2,250 and $2,300 are the next upside targets.
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Downside Risk
If the $2,120 resistance holds, further losses are likely. Initial support sits at $2,040, with the key level at $2,025.
A breach of $2,025 would expose $2,000 as the next psychological support. Below that, $1,965 and $1,880 represent deeper downside targets.
The hourly MACD is gaining momentum in bearish territory, and the RSI has dropped below 50 — both reinforcing the case for continued selling pressure in the near term.
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