Ethereum Bulls Face Crucial Test at $2,065

Ethereum's price surged by over 8% to reach $2,200 before pulling back below $2,150. This sudden move has left traders wondering whether the rally from a low of $1,929 has enough momentum to push higher or if it's setting up for a deeper correction towards $2,020.

The price climbed past several key resistance levels, including $2,050, $2,080, and $2,120, before peaking at $2,200. The price has since dropped below the 23.6% Fibonacci retracement of the $1,929-to-$2,200 advance.

A bullish trend line on the hourly chart is providing support at $2,020, with the price remaining above both that level and the 100-hourly simple moving average.