Ethereum Price Plummets Below $2,120 as Bears Regain Control

Ethereum's (ETH) price has taken a hit as bears regain control, falling below $2,120. The cryptocurrency had been on the rise, surpassing the $2,050 mark in a recovery wave that outpaced Bitcoin (BTC). However, sellers stepped in near the $2,150 resistance level, forcing a retreat and threatening to erase those gains.

The rally pushed ETH above several key resistance levels, including $2,065, which is the 61.8% Fibonacci retracement of the decline from $2,198 to $1,936. A short-term contracting triangle on the hourly ETH/USD chart broke down at the $2,135 support line, but ETH still trades above the 100-hourly simple moving average.

For buyers to reclaim the upper hand, they'll need to clear the $2,150 resistance level, which is also the 83.2% Fibonacci retracement of the same swing. If successful, their next targets would sit at $2,200 and $2,250. A break above $2,250 could open a path toward $2,320 or even $2,350.

However, failure to clear $2,150 could send ETH back toward $2,080 and then $2,050. A drop below that floor exposes $2,000, with deeper support near $1,965 and $1,920.