Ethereum’s recent price action has traders on edge as it consolidates around the $2,000 mark, attempting to recover after a modest pullback. After failing to hold above $2,100 earlier, the cryptocurrency saw a dip below key support levels at $2,020 and $2,000. However, ETH found footing at $1,980—an area that has acted as strong support—and is now attempting a recovery.

The bounce from $1,982 brought ETH back above the $2,000 level, showing signs of resilience. Yet, it still trades under the $2,040 mark and remains below the 100-hour Simple Moving Average, a sign that bulls are not fully in control yet. A bearish trend line is also capping the upside near $2,050, which has become a major resistance barrier.

Fibonacci retracement levels from the previous high at $2,097 to the recent low at $1,982 show that ETH is struggling to cross the 50% level, further reinforcing the resistance zone between $2,040 and $2,050. Beyond that, the $2,100 level represents the next big challenge. If ETH breaks above $2,100 convincingly, it could open the doors to a strong bullish move toward $2,150, $2,250, or even $2,320 in the coming days.

But if Ethereum fails to crack the $2,050 ceiling, the risk of another pullback looms large. Initial support lies at $2,000, followed closely by $1,980. A drop below $1,980 could trigger a decline toward $1,920 or even lower, with deeper support sitting near $1,880 and $1,810 zones.

Technically, the hourly MACD is losing steam in the bullish territory, while the RSI is now below the neutral 50 zone, signaling a tug-of-war between bulls and bears. With volatility rising and key levels in play, Ethereum could be on the verge of a major move—one that will depend on whether it can break through resistance or succumb to bearish pressure.