Ethereum pulled back from recent highs, slipping into a short-term correction after failing to hold above roughly $2,145. ETH dipped below the $2,125 zone but remains supported above $2,100 and the 100-hour simple moving average, leaving traders watching a cluster of key levels that will likely dictate the next directional move. What’s happening now - On the hourly chart of ETH/USD (Kraken), a bearish trend line is forming with near-term resistance around $2,110. - Bears pushed Ether below the 38.2% Fibonacci retracement of the swing from $2,001 to $2,147, but buyers showed up near $2,065. - Price is trading above the 100-hour SMA, suggesting the correction hasn’t turned into a full bearish reversal. Upside scenario - For bulls to regain control, ETH needs to clear immediate resistance at about $2,110, then the more important hurdles at $2,140–$2,150. - A decisive move above $2,150 could target $2,220 next, and if momentum holds, the path could lead toward $2,250 and even $2,320 in the near term. Downside scenario - If ETH fails to reclaim $2,110, sellers could push the pair lower. Initial support sits near $2,075. - The first major floor is around $2,055 — which coincides with the 61.8% Fib retracement of the $2,001–$2,147 move. - A break below $2,055 would open the way to $2,020 and $2,000, with a deeper support area near $1,940. Technical readout - Hourly MACD: gaining momentum in the bullish zone. - Hourly RSI: trading above 50. - Major near-term support: $2,055. - Major near-term resistance: $2,150. Bottom line: Ether is in a corrective phase but remains above the 100-hour SMA. Clearing $2,110–$2,150 would favor a renewed rally toward $2,220+, while failure to reclaim those levels risks a drop back to $2,055 or lower. Watch the hourly trend line and the Fibonacci levels for clues on the next leg. Read more AI-generated news on: undefined/news