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Ethereum Dives 15%, Why Close Below $2K Is The Key

Ethereum gained bearish momentum below $2,000 against the US Dollar. ETH even traded below $2,000 and remains at a risk of more losses.

Ethereum started a fresh decline below $2,100 and $2,000.
The price is now trading below $2,100 and the 100 hourly simple moving average.
There was a break below a key bullish trend line with support near $2,250 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to move down if there is a close below the $2,000 support.

Ethereum Price Breaks $2K
Ethereum failed to extend the recovery wave above the $2,400 level. ETH started another decline and traded below the $2,320 support zone.
There was a break below a key bullish trend line with support near $2,250 on the hourly chart of ETH/USD. The pair tumbled below the $2,200 and $2,100 levels. Ether price even broke the $2,000 support zone and settled below the 100 hourly simple moving average.
It traded towards $1,950 and is currently showing signs of more losses. If there is a recovery wave, the price might face resistance near the $2,050 level.
The 23.6% Fib retracement level of the recent decline from the $2,451 swing high to $1,939 low is also near $2,060. The first major resistance is near the $2,150 level. The main resistance is now forming near the $2,220 level.

Source: ETHUSD on TradingView.com
The 50% Fib retracement level of the recent decline from the $2,451 swing high to $1,939 low is also near $2,200. A close above the $2,200 level could open the doors for a decent increase. In the stated case, ether price might rise towards the $2,350 resistance.
More Losses in ETH?
If ethereum fails to recover above the $2,200 resistance, it could continue to move down. An initial support on the downside is near the $1,940 zone.
The next major support is near the $1,880 level. A daily close below the $2,000 level might spark more losses below $1,880. In the stated case, the price could dive towards the $1,700 level. The next major support might be near the $1,550 and $1,500 levels in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is well below the 40 level.
Major Support Level – $1,880
Major Resistance Level – $2,200

Christian Robinson
Christian Robinson
I’m a regular contributor to Forbes, CoinDesk, and Bitcoin Magazine, among others. My work focuses on providing analysis of the latest trends in the crypto industry, as well as offering insights into investment opportunities. I have a strong track record of identifying emerging technologies and assets that can achieve significant growth. As such, I believe that I am uniquely positioned to help investors navigate the ever-changing landscape of cryptocurrency.

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