Ethereum Plunges Below $2,000 as Bearish Momentum Takes Hold

Ethereum (ETH) has broken below the crucial $2,000 level as bearish momentum takes hold. The second-largest cryptocurrency failed to sustain gains above $2,050 and is now facing further downside pressure.

The decline pushed the price past the 50% Fibonacci retracement level of the upward move from the $1,745 swing low to the recent high near $2,169. A bearish trend line has formed with resistance at $1,980 on the hourly ETH/USD chart.

Bullish buyers showed some activity near the $1,900 level, but technical indicators suggest otherwise. The hourly MACD is building momentum in bearish territory, and the RSI sits below 50, indicating that sellers currently control the price action.