Ethereum Bulls Face Crucial Test at $2,065 as Price Pulls Back from $2,200

Ethereum surged by more than 8% to reach $2,200 before pulling back below $2,150. The sudden climb has left traders questioning whether the rally from a $1,929 low has enough momentum to push higher or is setting up for a deeper correction.

ETH climbed past key resistance levels at $2,050 and $2,120 on its way to $2,200. However, the price has since slipped below the 23.6% Fibonacci retracement of the advance.

A bullish trend line on the hourly chart holds support at $2,020, with the price still above both that level and the 100-hourly simple moving average. On the upside, resistance remains at $2,150, $2,180, and $2,200, with a break above $2,250 potentially opening a path toward $2,320 or $2,350.

A failure to clear $2,150 could drag ETH to the 50% Fibonacci level near $2,065, with further downside targets at $2,020 and below. The hourly MACD is losing bullish momentum, while the RSI holds above 50, a mixed signal that leaves the short-term direction uncertain.