Ethereum price failed to maintain support above $2,120 and extended its decline, now struggling to stay above the critical $2,040 level as bearish momentum builds. ETH broke below a bullish trend line with support at $2,075, trading as low as $2,016 during the session. The cryptocurrency recently attempted a minor correction, trading above the 23.6% Fibonacci retracement level, but bears remained active near the $2,075 resistance zone.
Technical analysis shows Ethereum trading below both $2,065 and the 100-hourly Simple Moving Average, indicating continued downward pressure. If bulls can maintain action above $2,020, the price could attempt another recovery toward the first key resistance at $2,100. However, failure to clear the $2,075 resistance could trigger a fresh decline toward the major $2,000 support level.
The breakdown below $2,000 would be particularly concerning for ETH holders, potentially pushing the price toward $1,980 and ultimately the $1,965 region. Market observers note that while Ethereum's network activity remains near all-time highs, this fundamental strength has not translated into price appreciation during the current risk-off environment. The disconnect between robust network utility and price volatility reflects broader market sentiment influenced by geopolitical factors and profit-taking by large holders.
