——Ethereum price breaks below $2000 —— What will the subsequent trend be?
Ethereum failed to break through the $2120 resistance and lost support, currently stabilizing but facing key resistance at $2000. It has again fallen below the $2000 support, with prices below this level and the 100-hour moving average. The ETH/USD hourly chart shows a short-term downward channel, with $1880 as the resistance level; to rise, it needs to break through $1880 and $1950.
————Ethereum price decline trend appears————
Ethereum has fallen from $2120 like Bitcoin, entering a bear market after breaking below the $2000 support. Bears strongly broke through $1880, and after a low of $1753, the price rebounded, breaking through $1800 and $1820. Although it broke through the 23.6% Fibonacci retracement level from $2152 to $1753, it still fell below $2000 and the 100-hour moving average. During the rebound, $1880 is the resistance, and the next resistance is at $1950 (corresponding to the 50% Fibonacci retracement level). If it breaks above $2000, it is expected to rise above $2120; if it breaks $2120, it may rise to $2250 or even $2350.
————Will Ethereum drop again?————
If it cannot break through $1880, it is likely to decline again. $1800 is the first downward support, and $1750 is an important support. If it falls below $1750, it may drop to $1680; if the decline expands, it could fall below $1620, with the next support at $1550.
————Interpretation of Ethereum technical indicators————
The ETH/USD hourly MACD shows weakening momentum in the negative zone, and the hourly relative strength index is below 50. The main support level is $1750, and the main resistance level is $1880.
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