Why is Ethereum stuck below $2,000?

Ethereum (ETH) fell below $2,000 after failing to hold $2,020, and met buying pressure around $1,928, achieving a partial rebound. However, this rebound is once again facing decisive resistance in the same price range that triggered the selling pressure.

What happened: Major support level tested for ETH

Ethereum, the second-largest cryptocurrency by market capitalization, continued its downward trend, breaking down through $1,965 and $1,950 before forming a bottom at $1,928. This decline coincided with the bearish trend of Bitcoin (BTC).

Buyers entered at this price level, pushing the price back above $1,965.

This rebound reached the 50% Fibonacci retracement level of the decline from the $2,100 high to the $1,928 low.

Currently, ETH is trading below $2,000 and the 100-hour simple moving average. On the hourly ETH/USD chart, an uptrend line has formed with support around $1,955, providing a downside floor for a short-term range correction.

The $2,015-$2,035 range is the first test of this rebound attempt, and the upper end at $2,035 coincides with the 61.8% Fibonacci retracement of the recent decline. If the price breaks above $2,060, it could not only retest $2,100 but also open up additional upward paths toward the $2,150-$2,185 area.

Technical indicators are sending somewhat positive signals. The hourly MACD is building momentum in a bullish phase, and the RSI is moving above 50. Conversely, if the price fails to break above $2,015, it could retrace back to test the $1,955 support level again, and if it falls below that trend line, the $1,920 and $1,880 support zones will be exposed.