Ethereum (ETH) is still consolidating below the $2,000 resistance. The price must settle above $2,025 to avoid a major decline

In the past few days, we mostly saw bearish moves in Ethereum below the $2,320 support zone, like Bitcoin. The price extended losses below the $2,000 and $1,880 support levels.

This article provides a technical analysis of Ethereum's price movements, highlighting key resistance and support levels to watch.

According to the analysis, Ethereum price is currently facing an uphill task as it trades below the 50-day simple moving average and the $2,000 psychological support.

The analysis suggests that on the upside, immediate resistance for ETH is at the $1,920 level, followed by the $1,960 resistance.

A break above the trend line resistance at $1,960 could propel the price towards the key pivot level at $2,025, which also coincides with the 23.6% Fib retracement level of the recent down move.

A breakout above the $2,025 level could reduce selling pressure, paving the way for a rally towards the $2,200 resistance and the 50-day SMA.

Further gains might encounter resistance at the $2,320 zone or the 50% Fib retracement level. However, a breakthrough above the $2,320 level could open up possibilities for a rally towards the $2,500 mark.

If ETH manages to clear the $2,500 resistance, the bulls could aim for a move towards the $2,600 resistance.

On the downside, the first support level is at $1,800, while the major support lies at the $1,765 level, which is the low point of the recent move.

A daily candle close below the $1,765 level could trigger more bearish moves, with the next support zone visible at the $1,550 level.

A breakout below the $1,550 support might open the door for a deeper decline, possibly testing the $1,320 support zone in the coming days.