Ethereum Price Reversal Hits $2K Mark

Ethereum's price reversal has left the market wondering about its next move. The token briefly touched $2,089 but quickly dropped below the $2,000 mark, leaving it trading near $1,960 with key support at $1,932 and resistance at $2,050 defining the short-term range.

The rally above $2,020 and $2,050 was quickly reversed, with the price dropping below $2,000 and the 50% Fibonacci retracement level of the upward move from the $1,835 swing low to the $2,089 high.

According to technical indicators, the hourly MACD is gaining momentum in the bearish zone, and the RSI has fallen below 50. If the price holds above $1,920, bulls may attempt another push toward $2,050 and $2,080, with a breakout above $2,120 opening the path to $2,200.

A failure to clear $2,050 could trigger a decline toward the $1,932 support zone, which aligns with the 61.8% Fibonacci retracement level, with further downside targets at $1,895, $1,850 and $1,820.