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

Ethereum (ETH) made an impressive surge of over 8% to reach $2,200 before pulling back below $2,150. The rally from a low of $1,929 has left traders wondering whether it has enough momentum to push higher or is setting up for a deeper correction towards $2,020.

ETH climbed past several resistance levels, including $2,050, $2,080, and $2,120, before reaching its peak at $2,200. The price has since slipped below the 23.6% Fibonacci retracement of the advance from $1,929 to $2,200.

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

However, if ETH fails to clear $2,150, it could drag the price down to the 50% Fibonacci level near $2,065, with further downside targets at $2,020, $1,980, and $1,920. The hourly MACD is losing bullish momentum, while the RSI holds above 50, leaving the short-term direction uncertain.