Ethereum price extended its losses on Wednesday, breaking below the key $2,150 support level and dropping as low as $1,914 on Kraken. The decline came after ETH failed to hold above $2,220, following a broader market downturn reminiscent of Bitcoin's recent correction.
The price is now consolidating below $2,150 and the 100-hour Simple Moving Average, with a connecting trend line providing support near $2,050. A recovery wave pushed ETH above the 50% Fibonacci retracement level of the move from $2,197 to $1,914, but bulls face stiff resistance at $2,130 and $2,150 (the 76.4% Fib level). A successful break above $2,150 could open the door toward $2,200 and $2,250, potentially targeting $2,300.
However, failure to overcome $2,150 may trigger another leg down, with immediate support at $2,085 and the critical $2,050 zone. A breakdown below $2,050 could send the price toward $2,000 and the recent low at $1,920, with a deeper floor at $1,880. Technical indicators are bearish: the hourly MACD is losing momentum in negative territory and the RSI remains below 50, signaling persistent selling pressure. Traders are watching the $2,050–$2,150 range for direction.
