Ethereum's Price Plummets Below $1,900 After Failing to Break Through $2,000
Ethereum's price has plummeted below $1,900 after failing to break through the $2,000 psychological level. The token dropped by nearly 2% to around $1,883 on July 31, with short-term momentum weakening as indicated by a 4-hour Relative Strength Index reading of 43.02.
The immediate technical drivers behind the decline appear to be profit-taking near $1,950 and the continued defense of $2,000. The $2,000 level also sits close to the 50% Fibonacci retracement at $1,986.33 on the daily chart, creating a wider resistance zone.
Derivatives positioning likely amplified the pullback, with leveraged traders who positioned for an immediate breakout above $2,000 facing pressure as the price moved in the opposite direction. This accelerated the decline and weakened the recovery structure that developed from the late-June low.