Ethereum Stabilizes Above $2,050 After Sharp Selloff, Bears Retain Control

The Selloff and Recovery

Ethereum declined sharply intraday, trading below $2,120 and reaching a low of $1,914 on Kraken before recovering most losses. The token is now consolidating above the $2,050 level and trading below both the $2,165 price level and the 100-hourly simple moving average, according to the hourly ETH/USD chart.

Technical Levels in Focus

A trend line has formed with support at $2,020 on the hourly chart. If ETH remains above this level, bulls may attempt another push higher toward immediate resistance near $2,150, which aligns with the 83.2% Fibonacci retracement of the recent downward move from $2,198 to $1,914. The first key resistance sits at $2,175, with the major resistance zone at $2,200. A sustained break above $2,200 would be required to signal a meaningful reversal.

Near-Term Outlook

Ethereum remains in a bearish technical setup, with bears retaining the advantage as long as price stays below $2,165 and the 100-hourly moving average. The recovery wave has reached the 61.8% Fibonacci retracement level, a level where reversals often stall. Unless the $2,020 support holds and bulls recapture $2,200, further downside cannot be ruled out.