Ethereum (ETH) reclaimed the $2,100 zone in a tentative recovery wave, though traders warn the bounce remains fragile below $2,150 resistance.
ETH Recovery Meets Resistance
The second-largest cryptocurrency climbed from a $2,075 swing low after forming a base above the $2,050 support zone, mirroring a similar stabilization attempt in Bitcoin.
Bulls drove price toward $2,150 before sellers stepped back in.
The pair now trades below $2,120 and the 100-hourly simple moving average, with a bearish trend line capping further gains on the hourly ETH/USD chart.
Price has cleared the 38.2% Fibonacci retracement of the drop from the $2,197 swing high to the $2,075 low.
The 61.8% retracement near $2,150 marks the next major hurdle. A decisive break above $2,200 would open the path toward $2,220 and potentially $2,300 in the near term.
Also Read: BitMine Buys 71,672 ETH As Tom Lee Calls $2,200 Dip A Bargain
Bearish Momentum Signals Strengthen
Technical indicators continue to lean against the bulls. The hourly MACD is gaining ground in bearish territory, while the hourly RSI sits below the 50 line.
Independent analysis noted ETH was trading near $2,108 after losing a rising support line on the 4-day chart.
The breakdown puts sellers back in control on shorter timeframes.
Other analysts pointed to a similar setup, with ETH trading below both its 50-day and 200-day moving averages near $2,115. A weekly close above $2,125 would open the door to $2,160, while a loss of $2,108 sets up a retest of $2,080.
ETH Price Context This Month
A failure to clear $2,150 would likely send Ethereum back toward initial support at $2,085, then $2,075. A clean break below could push price toward $2,020 and the psychological $2,000 mark, with major support at $1,940.
The current consolidation follows a turbulent stretch for the asset. After rebounding from $1,837 in late February, ETH traded around $2,200 through March before correcting to the $2,040 to $2,060 range by early Apr. The token then surged to a monthly high of $2,450 in mid-April, only to shed 8% by month-end after a $500 million deleveraging event broke the ascending trendline. ETH closed April down 22.8% year-to-date.
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