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Ethereum Price Turns Bearish Below $2,000—More Losses Ahead?

Aayush Jindal
Aayush Jindal
5 months ago
2 mins read
Ethereum Price Turns Bearish Below $2,000

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Ethereum price failed to clear the $2,120 resistance and trimmed gains. ETH is now consolidating and facing hurdles near the $2,000 resistance.

  • Ethereum started a fresh decline below the key support at $2,000.
  • The price is trading below $2,000 and the 100-hourly Simple Moving Average.
  • There is a short-term declining channel forming with resistance at $1,880 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must clear the $1,880 and $1,950 resistance levels to start a decent increase.

Ethereum Price Dips Further

Ethereum price started a fresh decline from the $2,120 resistance, like Bitcoin. ETH declined below the $2,000 support to enter a bearish zone.

The bears gained strength for a move below the $1,880 support. Finally, the bulls appeared near the $1,750 zone. A low was formed at $1,753 and the price is now attempting a recovery wave. There was a move above the $1,800 and $1,820 resistance levels.

It cleared the 23.6% Fib retracement level of the downward move from the $2,152 swing high to the $1,753 low. Ethereum price is now trading below $2,000 and the 100-hourly Simple Moving Average.

On the upside, the price seems to be facing hurdles near the $1,880 level. There is also a short-term declining channel forming with resistance at $1,880 on the hourly chart of ETH/USD. The next key resistance is near the $1,950 level.

The 50% Fib retracement level of the downward move from the $2,152 swing high to the $1,753 low is also near the $1,950 level. The first major resistance is near the $2,000 level. A clear move above the $2,000 resistance might send the price toward the $2,120 resistance.

Ethereum Price
Source: ETHUSD on TradingView.com

An upside break above the $2,120 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,250 resistance zone or even $2,350 in the near term.

Another Drop In ETH?

If Ethereum fails to clear the $1,880 resistance, it could start another decline. Initial support on the downside is near the $1,800 level. The first major support sits near the $1,750 zone.

A clear move below the $1,750 support might push the price toward the $1,680 support. Any more losses might send the price toward the $1,620 support level in the near term. The next key support sits at $1,550.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 zone.

Major Support Level – $1,750

Major Resistance Level – $1,880

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

Read more

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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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
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