Ethereum price took another hit, slipping below $2,000 after failing to hold above $2,050. The second-largest cryptocurrency by market capitalization is now near the $2,000 mark and the outlook appears shaky.
Price Breakdown and Key Tiers
Over the past 24 hours, ETH fell below $2,020 and $2,000, eventually reaching a low of $1,964. This drop reflects recent weakness in Bitcoin. A slight recovery pushed the price above the 23.6% Fibonacci retracement level from $2,139 to $1,964, but gains were limited.
A downtrend 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 the bulls manage to defend the $1,965 area, another upward attempt could take place.
Immediate resistance lies at $2,010, followed by $2,020. The next major hurdle is near $2,050, which corresponds to the 50% Fibonacci retracement. A clear break above $2,050 could push the price towards $2,085 and potentially $2,120 or even $2,150 in the near term.
Downside risks remain high
If Ethereum fails to break above $2,020, a new decline could begin. Initial support is near $1,965, with a major support area around $1,950. A move below $1,950 could open the door to $1,920, and further losses could take 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 that sellers are still in control.
For now, Ethereum is at a crossroads. A recovery above $2,050 could change sentiment, but failing to do so could lead to more downside. Traders should closely monitor $1,965 as a key support level.
