Ethereum Slides Below $2,120 as Bears Regain Control

Ethereum's recent rally has hit a roadblock as bears regain control, forcing the price below $2,120. After climbing past the $2,050 mark, Ethereum was met with resistance at the $2,150 level, leading to a retreat that threatens to erase its gains.

The rally pushed Ethereum above the 61.8% Fibonacci retracement of the decline from $2,198 to $1,936, clearing the way for further upside. 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 down at the $2,135 support line, and Ethereum still trades above its 100-hourly simple moving average. The pair needs to hold $2,050 for any renewed push higher.