Ethereum drops below $2,000 as bearish signals strengthen

Ethereum price has taken another hit, sliding below $2,000 after failing to hold above $2,050. The second-largest cryptocurrency by market cap is now hovering near the $2,000 mark, and the outlook looks shaky.

Price Breakdown and Key Levels

Over the past 24 hours, ETH dipped below $2,020 and $2,000, eventually touching a low of $1,964. This decline mirrors Bitcoin’s recent weakness. A minor recovery pushed the price above the 23.6% Fibonacci retracement level of the drop from $2,139 to $1,964, but the gains were limited.

A bearish trend line is forming on the hourly chart, with resistance around $2,010. Ethereum is currently trading below $2,000 and its 100-hourly simple moving average. If bulls can defend the $1,965 area, another upside attempt might happen.

Immediate resistance sits at $2,010, followed by $2,020. The next major hurdle is near $2,050, which aligns with the 50% Fibonacci retracement. A clear break above $2,050 could push the price toward $2,085 and potentially $2,120 or even $2,150 in the short term.

Downside Risks Remain High

If Ethereum fails to break above $2,020, a fresh decline could begin. Initial support is near $1,965, with a major support zone around $1,950. A move below $1,950 might open the door to $1,920, and further losses could drag ETH to $1,850. The main support level is $1,780.

Technical indicators are not encouraging. The hourly MACD is gaining momentum in bearish territory, and the hourly RSI is below the 50 mark. This suggests sellers still have control.

For now, Ethereum is at a crossroads. A recovery above $2,050 could shift sentiment, but failure to do so might lead to more downside. Traders should watch $1,965 closely as a key support level.

The post Ethereum drops below $2,000 as bearish signals strengthen appeared first on TheCryptoUpdates.