Ethereum Price Falls to $2,000 Amid Continued Bearish Momentum
Ethereum price declined from the $2,550 zone, trading below $2,200 and showing potential for further decreases.
- ETH fell below the $2,350 support level.
- Current trading is below $2,250 and under the 100-hourly Simple Moving Average.
- A bearish trend line is forming with resistance at $2,160 on the ETH/USD hourly chart.
- The price needs to surpass the $2,160 and $2,250 levels for a recovery.
Price Movement Overview
Ethereum's price dropped 15% after failing to break the $2,550 resistance. Key points include:
- Decline below $2,400 and $2,350 support levels.
- Tested a low of $2,003 after falling below the last low.
- Currently consolidating losses beneath the 23.6% Fib retracement level of the recent decline.
- Facing hurdles near $2,080, with major resistance at $2,150.
Future Projections
If ETH does not exceed $2,160, another decline may occur. Support levels are as follows:
- Initial support near $2,020.
- Major support at $2,000.
- Further loss could lead to $1,880 and potentially $1,750.
- Key support point at $1,640.
Technical Indicators
- Hourly MACD indicates increasing bearish momentum.
- Hourly RSI is below the 50 mark.
- Major support level is at $2,000.
- Major resistance level is at $2,160.