ETH Bulls Face Make-or-Break Moment at $2,065

Ethereum's (ETH) recent surge has left traders wondering if it can defend $2,065 after climbing over 8% to touch $2,200.

The price has since pulled back below $2,150 as the market weighs whether the rally from a $1,929 swing low has enough momentum to push higher or is setting up for a deeper correction toward $2,020.

ETH climbed past resistance levels at $2,050 and $2,080 before peaking at $2,200. The price remains above the 100-hourly simple moving average but is losing bullish momentum as indicated by the hourly MACD.

If bulls can reclaim $2,200 and push through $2,250, it could open a path toward $2,320 or $2,350. However, a failure to clear $2,150 risks a slide to $2,020 or even $1,920, erasing nearly all of the rally.