Ethereum's Rally Fizzles as Price Drops Below $2,120

Ethereum's recent rally has stalled as it dropped below $2,120 after failing to break through the $2,150 resistance level. The cryptocurrency had climbed past the $2,050 mark in a recovery wave that outpaced Bitcoin, but bears stepped in near the resistance level and drove the price back down.

The hourly ETH/USD chart shows a short-term contracting triangle breaking to the downside at the $2,135 support line. However, Ethereum still trades above its 100-hourly simple moving average, which may be seen as a bullish sign.

Despite this, technical indicators on the hourly chart lean bearish, with the MACD gaining downside momentum and the RSI sitting below 50. If buyers are unable to reclaim $2,150, Ethereum could drop back toward $2,080 and then $2,050, exposing a deeper support level near $2,000.