Ethereum's Brief Rally Falters at $2,089
Ethereum (ETH) investors are reeling after a brief rally faltered at $2,089. The token plummeted below the $2,000 mark as bears regained control and technical indicators shifted into bearish territory.
The price drop was swift, with ETH falling from its session high of $2,089 to around $1,960. This reversal has left investors wondering if the recent rally lacked follow-through.
According to hourly data, ETH now trades above $1,960 and the 100-hourly simple moving average. However, the rising channel forming support at that level is under threat from the bearish momentum indicators.
The hourly MACD is gaining momentum in the bearish zone, while the RSI has fallen below 50. If ETH holds above $1,920, bulls may attempt another push toward $2,050 and $2,080. However, a failure to clear this resistance could trigger a decline toward the $1,932 support zone.