ETH is now trading below the 100-hourly Simple Moving Average. Two bearish trend lines have formed on the hourly ETH/USD chart, with resistance at $2,120 and $2,165.
The 23.6% Fibonacci retracement level of the move from the $2,385 swing high to the $2,025 low sits above the current price, reinforcing near-term bearish pressure. Immediate resistance stands at $2,080, with the more significant barrier at $2,120 near the 100-hourly SMA.
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