Ethereum dropped under $1,965 and $1,950 after failing to hold above $2,020. The decline pushed ETH into a short-term bearish zone. Bulls stepped in near $1,925. The price formed a low at $1,928 and then started a recovery wave.
Soon after, ETH moved above $1,965. It also tested the 50% Fibonacci retracement from the $2,100 swing high to the $1,928 low. At present, Ethereum trades below $2,000 and the 100-hour Simple Moving Average. A bullish trend line forms with support near $1,955 on the hourly chart.
If bulls defend $1,955, ETH could attempt another rise. Immediate resistance sits near $2,015. The first key resistance stands at $2,035, which aligns with the 61.8% Fibonacci retracement level. Beyond that, $2,060 marks the next major barrier.
A clear break above $2,060 could send ETH toward $2,100. If the price clears $2,100, gains may extend to $2,150 or even $2,185 in the near term. On the downside, failure to clear $2,015 may trigger another decline. Initial support appears near $1,965.
Stronger support sits at $1,955 along the trend line. A break below $1,955 could push ETH toward $1,920. Further losses may drive the price to $1,880. The main support level remains near $1,825.