Ethereum Price Faces Continued Decline, $2,000 Support at Risk

Ethereum's price has dropped below the $2,120 mark and is now struggling to maintain a position above $2,040. The downward trend may persist in the near future.

Key Takeaways

Ethereum has experienced a fresh decline starting from the $2,150 area.
Currently, the price is trading under $2,120 and the 100-hourly Simple Moving Average.
A breach below the bullish trend line with support at $2,075 on the hourly ETH/USD chart has occurred.
Continued trading below $2,120 may lead to further price declines.

Ethereum Price Declines

Ethereum Price Experiences Further Declines

Ethereum's price was unable to maintain levels above $2,120 and has since begun a new decline, paralleling Bitcoin's trends. The ETH price has dipped below $2,075 and $2,050, placing it firmly in a bearish territory.

On the hourly ETH/USD chart, a break below the bullish trend line at the $2,075 level has been observed, with the price hitting lows around $2,016. Recently, there was a slight correction, with prices recovering above the 23.6% Fibonacci retracement level from the recent swing high of $2,167 down to $2,016. However, bearish sentiments have remained strong around the $2,075 resistance.

Currently, Ethereum trades below $2,065 and the 100-hourly Simple Moving Average. Should the bulls regain some momentum above $2,020, another attempt to push prices upward might occur. Key resistance is noted near the $2,075 mark.

Ethereum Price Chart
Source: ETHUSD on TradingView.com

The primary resistance level is situated around $2,100, which coincides with the 50% Fibonacci retracement of the downward movement from the $2,167 swing high to the $2,016 low. A significant resistance point is also positioned at $2,120. If prices break clear above $2,120, we may see a rise toward $2,150. A breakthrough in this region could lead to further price gains, potentially reaching the $2,220 zone, or even $2,250 in the near future.

What’s Next for Ethereum?

If Ethereum struggles to surpass the $2,075 resistance, a new decline could unfold. The initial support level on the downside is located near $2,020, with the major support identified around the $2,000 mark.

Should the price clearly fall below the $2,000 support, it may drive the price down to $1,980. Any continuing losses could push prices further down to the $1,965 area, with the main support expected at $1,920.

Technical Indicators

Hourly MACD: The MACD for ETH/USD is gaining traction in the bearish territory.
Hourly RSI: The RSI for ETH/USD currently sits below the 50 level.
Major Support Level: $2,020
Major Resistance Level: $2,120