Ethereum Rejected at $2,089 as Bears Regain Control

Ethereum (ETH) took a sharp downturn after touching $2,089, falling below the $2,000 mark as bears regained control. The token is now trading near $1,960 with key support at $1,932 and resistance at $2,050 defining its short-term range.

The price drop occurred after Ethereum rallied above $2,020 and $2,050 before bulls pushed the price to a session high of $2,089. However, this move quickly reversed, causing ETH to fall below $2,000 and the 50% Fibonacci retracement level of the upward move from the $1,835 swing low to the $2,089 high.

ETH is now trading above $1,960 and the 100-hourly simple moving average, with a rising channel forming support at that level on the hourly chart. However, the hourly MACD is gaining momentum in the bearish zone, and the RSI has fallen below 50.