Ethereum Price Plunges Below $2K After Brief Rally Fails

Ethereum (ETH) prices fell sharply after briefly touching $2,089 on the hourly chart.

The token's price dropped below the $2,000 mark and the 50% Fibonacci retracement level of the upward move from the $1,835 swing low to the $2,089 high.

At press time, ETH trades near $1,960 with key support at $1,932 and resistance at $2,050 defining the short-term range.

The price dropped below $2,000 and the 50% Fibonacci retracement level of the upward move from the $1,835 swing low to the $2,089 high. The token now trades above $1,960 and the 100-hourly simple moving average, with a rising channel forming support at that level on the hourly chart.

The hourly MACD is gaining momentum in the bearish zone, and the RSI has fallen below 50.