Ethereum (ETH) climbed above $2,120 after rallying from a $1,792 swing low before pulling back to the $2,020 range, where traders are now watching the $2,080 resistance and the $1,975 support as the next decisive levels on the hourly chart.

What Happened: Rally Stalls Below $2,080

ETH broke through the $1,950, $2,020 and $2,050 resistance levels before hitting a high of $2,158. The price then corrected, dipping below $2,000 and retracing roughly 50% of the move from $1,792 to $2,158 before buyers stepped back in.

Ethereum is now trading above its 100-hourly Simple Moving Average. A bearish trend line has formed with resistance near $2,040 on the hourly chart.

The immediate upside targets sit at $2,080 and $2,120, with a sustained break above $2,155 potentially opening the path toward $2,220 or $2,250. On the downside, a failure to clear $2,040 could drag the price toward $1,975, and a break below that support would expose the 61.8% Fibonacci retracement level near $1,935, with $1,880 serving as the main floor.

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Why It Matters: Momentum at a Crossroads

The hourly MACD is gaining momentum in bullish territory, and the RSI sits above 50 — both signals that favor continuation higher as long as $1,975 holds as support.

The $2,080 level remains the key barrier. A decisive move above it would confirm the rally's strength, while rejection there risks a deeper pullback toward the mid-$1,900s and a potential retest of levels not seen since the move began at $1,792.

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