Ethereum (ETH) retreated below $2,050 after briefly spiking to $2,168, with hourly chart indicators pointing to bearish momentum and a contracting triangle pattern capping resistance at $2,040 as bulls struggle to defend the $2,000 level.
What Happened: ETH Recovery Stalls
The token formed a base above $1,950 and rallied past the $1,980 and $2,020 resistance levels before hitting a session high of $2,168. The move retraced quickly.
Prices pulled back below $2,050 and now trade under the 100-hourly Simple Moving Average. The pair has given up the 38.2% Fibonacci retracement of the upward move from the $1,745 swing low to the $2,168 high.
Immediate resistance sits at $2,040, where a contracting triangle is forming on the hourly ETH/USD chart.
A break above $2,120 could open the path toward $2,165 and potentially $2,250, while failure to clear $2,065 risks a fresh leg down toward $1,950 — the 50% Fibonacci retracement — and possibly $1,850.
The hourly MACD is gaining momentum in the bearish zone, and the RSI has slipped below 50.
Also Read: Binance SAFU Fund Doubles Down With 4,225 BTC Buy, Now Holds $734M In Bitcoin
Why It Matters: Corporate Buyers Accumulate
The pullback comes at a time when large institutional holders are stepping in at lower prices.
As Yellow Media previously reported, BitMine Immersion Technologies purchased 40,613 ETH worth approximately $86 million last week despite carrying unrealized losses approaching $8 billion on its treasury holdings.
The publicly traded company now owns 4.33 million ETH, representing 3.58% of circulating supply, acquired at an average cost near $3,800 per token. That average sits well above current market prices, underscoring the scale of conviction — and risk — among major corporate holders betting on Ethereum's long-term value.
Read Next: BitMine Buys $86M In Ethereum Despite Sitting On $8B Unrealized Loss
