ETH Plunges Below $2,000 Amid Bearish Momentum
Ethereum (ETH) has dropped below the $2,000 mark after failing to sustain gains above $2,050. The second-largest cryptocurrency's price action is being influenced by bearish technical indicators and a trend line resistance at $1,980 on the hourly chart.
The decline pushed the price past the 50% Fibonacci retracement level of the upward move from the $1,745 swing low to that $2,169 high. A bearish trend line has formed with resistance at $1,980 on the hourly ETH/USD chart.
Buyers showed some activity near the $1,900 level, but the hourly MACD continues gaining momentum in bearish territory while the RSI sits below 50. This suggests that sellers currently control the price action.
The technical picture is concerning for ETH holders. If the price fails to reclaim $2,000, it could send the price toward $1,900, $1,850, and ultimately the $1,720 to $1,750 range.