Ethereum Price Falls Below $2,000 Amid Persistent Bearish Trends
- Ethereum price declined below $1,980 and is consolidating under $2,000.
- The price is trading below the critical level of $2,000 and the 100-hourly Simple Moving Average.
- A bearish trend line is forming with resistance at $2,010 on the hourly chart of ETH/USD.
- Initial support on the downside is near the $1,955 level with major support around $1,920.
- The hourly MACD for ETH/USD shows momentum in the bearish zone while RSI remains below the neutral mark of 50.
Ethereum’s recent decline has seen it fall below key psychological and technical levels, indicating strong selling pressure in the market. The presence of a bearish trend line suggests that further declines could occur if resistance levels are not surpassed.
If Ethereum fails to break past immediate resistance levels near $2,020, it could face additional downward pressure toward its major support zones at $1,920 and potentially lower to around $1,880 or even $1,850. (Source)
