Ethereum Slips Below $2,000 Amid Bearish Technical Indicators

Ethereum (ETH) has broken below the $2,000 mark after failing to sustain gains above $2,050. The decline was driven by bearish technical indicators and a trend line resistance at $1,980 on the hourly chart.

ETH traded below both the $2,000 level and the 100-hourly Simple Moving Average after a correction from recent highs near $2,169. This push past the 50% Fibonacci retracement level of the upward move from the $1,745 swing low to that $2,169 high.

The 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.