Ethereum's Bullish Momentum Fades as Price Pulls Back to $2,065

Ethereum's recent surge has left traders wondering whether it can defend its current price level of around $2,065. The cryptocurrency had climbed above $2,050, $2,080, and $2,120 resistance levels before reaching a peak of $2,200.

However, the price pulled back below the 23.6% Fibonacci retracement of the $1,929-to-$2,200 advance, which now acts as support at around $2,020.

The hourly MACD is losing bullish momentum, while the RSI holds above 50, a mixed signal that leaves the short-term direction uncertain.

If bulls can reclaim the $2,200 level and push through $2,250, it could open a path toward $2,320 or $2,350. A failure to clear $2,150, however, risks a slide to $2,020 or even $1,920, erasing nearly all of the rally.