Ethereum (ETH) dropped below $2,000 after failing to hold the $2,020 level, finding buyers near $1,928 before staging a partial recovery that now faces critical resistance at the same price zone that triggered the sell-off.
What Happened: ETH Tests Key Support
The second-largest cryptocurrency by market capitalization slid through $1,965 and $1,950 before finding a floor at $1,928. The decline mirrored weakness in Bitcoin (BTC).
Buyers stepped in near that level and pushed prices back above $1,965.
The recovery reached the 50% Fibonacci retracement of the move down from the $2,100 swing high to the $1,928 low.
ETH is now trading below $2,000 and its 100-hourly simple moving average. A bullish trend line has formed with support at $1,955 on the hourly ETH/USD chart, providing a near-term floor for the consolidation.
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Why It Matters: Resistance Decides Direction
The $2,015-$2,035 range represents the immediate test for any recovery attempt, with the upper end aligning with the 61.8% Fibonacci retracement of the recent decline. A break above $2,060 would open the path toward retesting $2,100 and potentially $2,150-$2,185.
Technical indicators offer some encouragement — the hourly MACD is gaining momentum in bullish territory, and the RSI sits above the 50 level. On the downside, failure to clear $2,015 could send ETH back toward $1,955, with a break below that trend line support exposing the $1,920 and $1,880 levels.
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