Ethereum Price Drops Toward $2,000, Pressure Mounts on Key Support

Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Ethereum price started a sharp decline below the $2,220 zone. ETH is now consolidating above $2,020 and might aim for a recovery wave if it climbs above $2,110. Ethereum started a sharp decline below the $2,200 zone. The price is trading below $2,120 and the 100-hourly Simple Moving Average. There are two bearish trend lines forming with resistance at $2,120 and $2,165 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to move down if it stays below the $2,165 resistance. Ethereum Price Turns Red Ethereum price failed to stay above $2,220 and started a fresh decline, like Bitcoin . ETH price declined below $2,150 and $2,120 to enter a short-term bearish zone. The price even spiked below $2,050. A low was formed at $2,025, and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $2,385 swing high to the $2,025 low. There are also two bearish trend lines forming with resistance at $2,120 and $2,165 on the hourly chart of ETH/USD. Ethereum price is now trading below $2,100 and the 100-hourly Simple Moving Average. If the bulls remain in action above $2,025, the price could attempt another increase. Immediate resistance is seen near the $2,080 level. The first key resistance is near the $2,120 level or the 100-hourly Simple Moving Average . The next major resistance is near the $2,165 level and the second trend line. A clear move above the $2,165 resistance might send the price toward the $2,200 resistance or the 50% Fib retracement level of the downward move from the $2,385 swing high to the $2,025 low. Source: ETHUSD on TradingView.com An upside break above the $2,200 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $2,250 resistance zone or even $2,300 in the near term. More Losses In ETH? If Ethereum fails to clear the $2,120 resistance, it could start a fresh decline. Initial support on the downside is near the $2,040 level. The first major support sits near the $2,025 zone. A clear move below the $2,025 support might push the price toward the $2,000 support. Any more losses might send the price toward the $1,965 region. The main support could be $1,880. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 zone. Major Support Level – $2,025 Major Resistance Level – $2,120