Ethereum Price Crashes to $2,000—Is More Downside Ahead?

Source Newsbtc

Ethereum price started a fresh decline from the $2,550 zone. ETH is now back below $2,200 and might decline further in the near term.

  • Ethereum started a fresh decline below the $2,350 support zone.
  • The price is trading below $2,250 and the 100-hourly Simple Moving Average.
  • There is a new bearish trend line forming with resistance at $2,160 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must clear the $2,160 and $2,250 resistance levels to start a recovery wave.

Ethereum Price Dives 15%

Ethereum price failed to clear the $2,550 resistance zone and started a fresh decline, like Bitcoin. ETH gained bearish momentum below the $2,400 and $2,350 support levels.

There was a clear move below the $2,250 support zone and the 100-hourly Simple Moving Average. The price even dived below the last low and tested the $2,000 zone. A low was formed at $2,003 and the price is now consolidating losses below the 23.6% Fib retracement level of the recent decline from the $2,550 swing high to the $2,003 low.

Ethereum price is now trading below $2,250 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,080 level. The first major resistance is near the $2,150 level.

There is also a new bearish trend line forming with resistance at $2,160 on the hourly chart of ETH/USD. The main resistance is now forming near $2,275 and the 50% Fib retracement level of the recent decline from the $2,550 swing high to the $2,003 low.

Ethereum Price

A clear move above the $2,275 resistance might send the price toward the $2,350 resistance. An upside break above the $2,350 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,450 resistance zone or even $2,500 in the near term.

Another Decline In ETH?

If Ethereum fails to clear the $2,160 resistance, it could start another decline. Initial support on the downside is near the $2,020 level. The first major support sits near the $2,000 zone.

A clear move below the $2,000 support might push the price toward the $1,880 support. Any more losses might send the price toward the $1,750 support level in the near term. The next key support sits at $1,640.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is gaining momentum in the bearish zone.

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

Major Support Level – $2,000

Major Resistance Level – $2,160

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Natural Gas sinks to pivotal level as China’s demand slumpsNatural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It
Author  FXStreet
Jul 01, 2024
Natural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It
placeholder
Five bullish Shiba Inu (SHIB) Price Predictions for April 2025SHIB price targets diverge as investors weigh Shibarium L3 upgrades, burn-rate surges, and altcoin market sentiment. Forecasts range from a conservative $0.000012 to a parabolic $0.00030.
Author  FXStreet
Apr 16, Wed
SHIB price targets diverge as investors weigh Shibarium L3 upgrades, burn-rate surges, and altcoin market sentiment. Forecasts range from a conservative $0.000012 to a parabolic $0.00030.
placeholder
Ethereum (ETH) Gains 10% In a Week But Trend Signals Remain FragileETH is currently battling critical resistance zones that could define whether the rally continues or fades. With momentum still fragile, May could be a decisive month for Ethereum’s next major move.
Author  Beincrypto
Apr 30, Wed
ETH is currently battling critical resistance zones that could define whether the rally continues or fades. With momentum still fragile, May could be a decisive month for Ethereum’s next major move.
placeholder
Gold price slides back closer to $3,300 amid positive risk tone, modest USD uptickGold price (XAU/USD) trades with a negative bias for the second consecutive day, though it lacks bearish conviction and holds above the $3,300 mark during the Asian session on Wednesday.
Author  FXStreet
19 hours ago
Gold price (XAU/USD) trades with a negative bias for the second consecutive day, though it lacks bearish conviction and holds above the $3,300 mark during the Asian session on Wednesday.
placeholder
Gold extends consolidation ahead of key US data releasesGold price (XAU/USD) continues to trade in a narrow range around $3,300 on Wednesday as traders await key US economic data, which could become the catalyst for an imminent breakout. 
Author  FXStreet
16 hours ago
Gold price (XAU/USD) continues to trade in a narrow range around $3,300 on Wednesday as traders await key US economic data, which could become the catalyst for an imminent breakout. 
goTop
quote