Saad Ullah
⬤ ETH is testing a key technical level near $2,100 following a recent recovery phase. As analyst Sky noted, Ethereum pulled back to retest its 50-day simple moving average after a golden cross formation, with price trading around $2,114 after rejecting from the $2,300 area.
⬤ The chart shows a strong downtrend through late January and early February, followed by a recovery that pushed ETH back above short-term moving averages. The golden cross, where the shorter MA crossed above the longer one, signaled improving momentum. The current move reflects a classic retest scenario, validating the 50 SMA as support, similar to what played out when ETH tests key $2,000 trendline supportand approached a major level that could define the next move.
⬤ The retracement from $2,300 looks controlled, with no major breakdown below the moving averages so far. The 50 SMA now acts as a short-term pivot. A comparable setup appeared when Ethereum rejected at $2,250 as resistance holds, where ETH also struggled to sustain upside momentum after meeting resistance.
⬤ ETH sits at a clear decision point. Holding above the 50 SMA could support near-term stabilization, while losing this level risks shifting momentum back toward downside pressure. Broader crypto sentiment often follows Ethereum's reaction to such zones, as also reflected in Ethereum targets $2,120 support before potential bounce.
Saad Ullah
