Ethereum (ETH) Price Consolidates Below the $2,000 Pivot Level

Ethereum (ETH) is consolidating below the $2,000 pivot level. The price is at risk of more losses below the $1,750 support.

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

According to the article, Ethereum (ETH) is consolidating below the $2,000 pivot level, with more losses possible below the $1,750 support.

In the past few days, Bitcoin and Ethereum saw a continued decline. BTC price broke the $26,000 support and traded below the $25,000 level. On the other hand, ETH dropped below the $2,500 support zone. There was some move below the $2,350 and $2,200 support levels. The bears even pushed the price below the $2,000 support zone.

The price settled below the 50-day simple moving average (blue) and tested the $1,750 zone. A low was formed at $1,761 and ETH is currently consolidating losses.

As of writing, Ethereum is now trading at $1,821.8 and faces immediate resistance at the $1,950 level. The first major resistance sits near the $2,000 level or the 23.6% Fib retracement level of the downward move from the $2,860 swing high to the $1,761 low.

The next resistance is near the $2,150 zone. A clear move above the $2,150 level could open the doors for a steady increase toward the $2,300 level. There is also a key bearish trend line forming with resistance at $2,300 on the daily chart.

The trend line is close to the 50% Fib retracement level of the downward move from the $2,860 swing high to the $1,761 low. If ETH clears the $2,300 resistance, the bulls could aim for a move toward the $2,440 resistance. Any more gains might call for a test of the $2,600 resistance zone and the 50-day SMA in the coming days.

On the downside, the first major support on the Fib is at 1750.0. A daily close below the $1,750 level might spark heavy bearish moves in Ethereum.

In the stated case, the price could drop and test the $1,620 support. If there is a clear move below the $1,620 support, ETH price might even decline and test the $1,550 support zone in the coming days.

Overall, Ethereum price shows many bearish signs below $2,150 and $2,000. A convincing move below $1,820 and $1,750 could initiate another decline toward the $1,500 level.