Ethereum Plunges Below Key Trend Line

Ethereum's price has dropped below $2,000 after breaking a key bullish trend line on the hourly chart. This development puts the $1,920 support level under immediate pressure as bearish momentum builds across technical indicators.

The decline accelerated after Ethereum failed to hold above the $2,020 zone, where the bullish trend line gave way. The price dropped as low as $1,912 before consolidating.

ETH is now trading below $1,980 and the 100-hourly Simple Moving Average. The current price action sits below the 23.6% Fibonacci retracement level of the downward move from the $2,200 swing high to the $1,912 low.