Ethereum Drops Back Below $2K After Brief Rally Fails to Gain Momentum

Ethereum's brief rally above $2,000 has come to an end as the token dropped below the key mark, trading near $1,960 with support at $1,932 and resistance at $2,050 defining its short-term range.

The price surge was short-lived, reversing quickly after reaching a session high of $2,089. The 50% Fibonacci retracement level of the upward move from the $1,835 swing low to the $2,089 high was broken, with the token now trading above $1,960 and the 100-hourly simple moving average.

The hourly MACD is gaining momentum in the bearish zone, and the RSI has fallen below 50. If Ethereum holds above $1,920, bulls may attempt another push toward $2,050 and $2,080. However, a failure to clear $2,050 could trigger a decline toward the $1,932 support zone.

A sustained break below $1,932 would erase the bulk of the recent recovery from $1,835 and potentially expose Ethereum to a retest of the $1,820 area.