Early morning Ethereum's price action once again confirms the fragility of market sentiment. After encountering resistance around 2088, the price quickly retreated and has now effectively broken below the 2050 level. This marks the failure of the short-term upward attempt, and market dominance has shifted back to the bears.

From a four-hour perspective, the 2088 level is near the 0.618 Fibonacci resistance of the previous downtrend wave. The price was rejected here and pulled back, a typical technical sign of a stalling rally. Meanwhile, the MACD momentum histogram did not show significant expansion during this rally, and a bearish divergence has formed, indicating that upward momentum has already waned. Currently, the price has fallen back below 2050, which will now serve as an important short-term resistance level.

In terms of trading strategy, maintain a bearish outlook. If the price cannot hold steady in the 2050-2060 rebound zone, it confirms downward pressure. The first support below is at the 2010-2000 round numbers; if this level is broken, it is highly likely that the price will further test the previous low around 1970. Until the daily chart structure shows signs of strength again, any rebounds should be viewed as corrections rather than reversals.