Ethereum Retreats Below $2,120 as Sellers Regain Upper Hand

Ethereum (ETH) faced selling pressure after briefly surpassing $2,050 as part of a recovery wave that outpaced Bitcoin's (BTC). The asset had broken above key resistance levels, including the 61.8% Fibonacci retracement of the decline from $2,198 to $1,936.

However, bears regained control near the $2,150 level, pushing ETH 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.

The 100-hourly simple moving average remains above current price levels, but sellers need to be repelled if ETH is to regain ground. If buyers reclaim $2,150, targets sit at $2,200 and $2,250. A break above $2,250 opens a path toward $2,320 or even $2,350.