Ethereum Price Reverses as Bears Take Control

Ethereum's recent price surge has come to an abrupt halt as bears regain control of the market. The cryptocurrency climbed above $2,050 in a recovery wave that outpaced Bitcoin, but sellers at the $2,150 resistance level forced a retreat.

The rally pushed Ethereum past several key resistance levels, including the 61.8% Fibonacci retracement of its decline from $2,198 to $1,936. However, bears stepped in near $2,150 and drove the price back below $2,120.

A short-term contracting triangle on the hourly ETH/USD chart broke to the downside at the $2,135 support line. While Ethereum still trades above its 100-hourly simple moving average, technical indicators lean bearish.