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Ethereum Falls Below $2,000 Amidst Market Correction

  • Ethereum slipped 3.83% in 24 hours, settling in the $1,980 range after facing resistance at $2,130.
  • If ETH fails to clear the $2,000 resistance, it could trigger a fresh decline, finding initial support at $1,930.

Ethereum has faced a setback, witnessing a 3.83% decline over the past 24 hours, bringing its value to $1,980. This contrasts with its positive performance over the week, where the coin showed an uptrend of 7%, climbing from $1,879 to its current position.

The decline in Ethereum’s value follows its struggle to surpass the $2,120 resistance level. The digital asset experienced a corrective downturn similar to Bitcoin, slipping below crucial support levels at $2,050 and $2,000. However, the bulls intervened, preventing further losses and establishing support around the $1,930 zone.

Can Bulls Recover?

Currently ETH trading below $2,000 and the 100-hourly simple moving average. Also, a significant obstacle lies in a bearish trend line forming with resistance near $2,000 on the hourly chart of ETH/USD.

Ethereum (ETH) Price Chart (Source: TradingView)

To resume an upward trajectory, Ethereum must overcome the $2,000 resistance and the above trend line. Further, the next major resistance sits between $2,150 and $2,300.

If ETH fails to rise above the crucial resistance $2,000 may trigger a fresh decline, with initial support at the $1,950 level and more critical support at $1,920. A breach below the $1,930 support could potentially lead to a sharp decline, bringing Ether towards the $1,850 support zone in the short term.

At the time of writing, Ethereum is valued at $1,982, reflecting a 4% decline in the last 24 hours. Despite this recent dip, Ethereum remains up by approximately 5.5% over the week and 28% over the month.

In a separate development, PeckShieldAlert reported today that approximately $3.4 million worth of cryptocurrencies on Ethereum, Polygon, and Arbitrum have been trapped in phishing activities.

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