Ethereum (ETH) Struggles Beneath $2K amid Bearish Control – Technical Analysis

Ethereum finds challenges to overcoming the resistance zone at $2K. The altcoin maintains declines, though still beyond the vital support floor of $1,920.

Key Points

  • Ethereum reveals bearishness beneath the $2K hurdle.
  • The altcoin trades beneath $2K and 100 hourly SMA.
  • The 1hr chart shows a massive bearish line developing with resistance at $1,970.
  • A decisive move beneath the $1,920 support can trigger sharp declines.

Ethereum Settles Beneath $2,000

Ethereum recorded upswings beyond the $1950 hurdle and 100 hourly SMA. Nevertheless, bears halted the uptrends at the coveted $2K mark. The alternative token launched downtrends from the swing high of $2,020. Ethereum plummeted beneath 419,80 and $1950 zones. For now, Ether trades beneath $2K and 100 hourly SMA. The token formed a low of around $1,931 and consolidated its losses.

On the other hand, the nearest resistance stood at $1,950. The area sits near the 23.6% Fibonacci retracement mark of the latest fall from $2,020 to $1,931. Another massive resistance will appear at $1,970. Moreover, the ETH 1hr chart shows a crucial bearish trend-line emerging with resistance at $1,970. The trend-line stands near the 50% Fibonacci retracement market of the decline to $1,931 from $2,020.

Meanwhile, Ethereum’s primary resistance forms at $2,000. A closing beyond $2K might clear the path for stable uptrends. Such cases might see Ether prices climbing to test the resistance at $2,085. More upside actions would perhaps push Ethereum to $2.2K resistance.

More Dips in Ethereum?

Ethereum prices might plummet further if the altcoin fails to climb beyond the resistance at $2K. The first support to the downside sits at $1,930. Moreover, losing this ground will see ETH hitting the foothold at $1,920, under which the alt would suffer extended losses. Ethereum can dive towards $1,850 before exploring the lows of $1,800.

The broad market outlook supports further declines in Ethereum prices. While publishing this content, the overall crypto market valuation stood at $1.22 trillion, losing 3.92% within the previous 24 hours. That confirms the current downturn in the financial space.

ETH Indicators

  • 1Hr MACD losses steam within the bearish region
  • 1hr RSI hovers beneath 50
  • Crucial support zone – $1,920
  • Critical resistance zone – $2,000
By Edward Richardson
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