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

Ethereum's recent price surge has come to an abrupt halt as bears regain control. The cryptocurrency had briefly surpassed the $2,050 mark, outpacing Bitcoin's recovery wave.

However, sellers stepped in near the $2,150 resistance level and drove the price back below $2,120.

The short-term contracting triangle on the hourly ETH/USD chart broke to the downside at the $2,135 support line, indicating bearish momentum. The pair still trades above the 100-hourly simple moving average.