Early morning Ethereum's price action once again confirms the market's fragile 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 and pulled back from this point, which is 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 is exhausted. Currently, with the price back below 2050, this level will serve as an important short-term resistance.

In terms of trading strategy, maintain a bearish outlook. If the price cannot hold steady in the 2050-2060 rebound zone, it confirms a pressure-driven decline. The first support below is at the 2010-2000 round levels. Once this is broken, there is a high probability that the price will further test the previous low around 1970. Until the daily chart structure shows signs of strengthening again, any rebounds should be viewed as corrections rather than reversals.