Ethereum's Brief Rally Crumbles as Bears Take Control

Ethereum (ETH) saw a brief rally to $2,089 before plummeting below $2,000 in a sharp reversal. Bears regained control as technical indicators shifted into bearish territory.

The price dropped below the $2,000 mark and the 50% Fibonacci retracement level of the upward move from the $1,835 swing low to the $2,089 high.

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