Ethereum Price Crashes to $2,000—Is More Downside Ahead?
Ethereum prices began a new decline from the $2,550 region. ETH is now returning below $2,200 and may drop further in the near term.
- Ethereum begins a new decline in support zones below $2,350.
- Prices trade below the $2,250 and the 100-hour simple moving average.
- On the hourly table of ETH/USD (via Kraken’s feed), there is a new bearish trend line with a resistance of $2,160.
- Two people have to clear the $2,160 and $2,250 resistance levels to start the recovery wave.
Ethereum price dive 15%
Ethereum price failed to clear the $2,550 resistance zone and began to drop, e.g. Bitcoin. Eth received bearish momentum below the support levels of $2,400 and $2,350.
Clear action on the support zone below $2,250 and the 100-hour simple moving average. Prices were even below the last low and tested the $2,000 area. The low price is $2,003, and the current price drops the loss to a 23.6% FIB recycling level, which is recently down from a swing high of $2,550 to a low of $2,003.
Ethereum prices are now trading at prices below $2,250 100 hours simple moving average. On the plus side, the price seems to be facing a barrier to the $2,080 level. The first major resistance is close to the $2,150 level.
On the hourly chart of ETH/USD, there is also a new bearish trend line with resistance of $2,160. Now, the main resistance is $2,275, while the FIB retracement level recently dropped from the $2,550 swing high to the $2,003 low is 50%.
A noticeable move to resistors above $2,275 could shift the price to resistors at $2,350. An upside breakout for resistors over $2,350 could require more gains in the upcoming meeting. In the case of statements, Ether may rise toward the $2,450 resistance zone or even $2,500 in the short term.
Another drop in ETH?
If Ethereum fails to clear the $2,160 resistance, it may drop again. The initial support for disadvantages is close to the $2,020 level. The first major support is located near the $2,000 area.
A clear move to support below $2,000 could push the price toward support of $1,880. In the near term, more losses could shift the price to the support level of $1,750. The next key supports $1,640.
Technical Indicators
Hourly MACD – MACD of ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI of ETH/USD is now below the 50 area.
Main support level – $2,000
Main resistance level – $2,160
