Ethereum’s latest slide began after it broke below the $2,020 area, which had served as a key support level. This move shifted short-term market structure and placed the asset under added pressure.
The decline also sent ETH below $1,920 before buyers slowed the drop near $1,912. Since then, the token has traded below the 23.6% Fibonacci retracement level of the move from $2,200 to $1,912. Price now sits below both $1,980 and the 100-hour Simple Moving Average. This keeps attention on whether buyers can defend nearby support and attempt a rebound.
Immediate resistance stands near $1,980. After that, traders are watching $2,020, the same level that failed during the latest sell-off. The next major barrier appears near $2,050. This zone matches the 50% Fibonacci retracement of the decline from the $2,200 swing high to the $1,912 low.
If ETH breaks above $2,050, the next upside target may come near $2,120. A stronger move could then push the price toward $2,200 and possibly $2,250.