Ethereum has stabilised near $1,928 and is attempting a recovery, but price action remains capped below the key $2,020 resistance level.
ETH climbed back above $1,950 and briefly reclaimed the 38.2% Fibonacci retracement of the move from $2,101 to $1,928, yet it continues to trade beneath the 100-hour Simple Moving Average.
A bullish trend line is forming with support near $1,950 on the hourly chart, suggesting buyers are defending higher lows in the short term.
Immediate resistance sits around $2,035, followed by stronger barriers at $2,060 and $2,120, with a decisive break above $2,060 potentially opening the path toward $2,150 or even $2,185.
However, failure to clear the $2,020–$2,060 zone could trigger renewed downside pressure, particularly if price loses the $1,970 level.
The first major support rests near $1,940, and a break below that zone may accelerate losses toward $1,880 and possibly $1,820, with $1,780 acting as deeper structural support.
Technical indicators show the hourly MACD gaining bullish momentum and the RSI holding above 50, leaving Ethereum at a technical flashpoint where a decisive breakout or breakdown could define the next directional move.
At the time of reporting, Ethereum price was $1,989.61.