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Home»BITCOIN NEWS»Ethereum price plummets to $2,000 as key support line breaks
BITCOIN NEWS

Ethereum price plummets to $2,000 as key support line breaks

By Crypto FlexsJanuary 24, 20243 Mins Read
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Ethereum price plummets to ,000 as key support line breaks
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Ethereum price extended losses and tested the $2,150 support. ETH is struggling to recover and may continue to decline towards the $2,000 support zone.

  • Ethereum began a new downtrend below the $2,350 and $2,250 levels.
  • The price is trading below $2,250 and the 100-hour simple moving average.
  • The hourly chart of ETH/USD (data feed via Kraken) shows a major bearish trendline forming with resistance near $2,240.
  • Breaking out of the $2,240 and $2,280 levels, the pair will attempt a new increase.

Losses widen due to Ethereum price

Ethereum price remained in bearish territory below the $2,400 pivot level. ETH continued its downward trend and, like Bitcoin, traded below the $2,250 support line.

It even surged below the $2,000 level. A new weekly low was formed near $2,165 and the price is currently consolidating losses. There was a slight increase above the $2,220 level. The price tested the 23.6% Fib retracement level of the bearish wave from the $2,480 swing high to the $2,165 low.

Ethereum is currently trading below $2,250 and the 100-hour simple moving average. Meanwhile, the price is finding resistance near $2,240. Additionally, on the hourly chart of ETH/USD, there is a major bearish trend line forming with resistance near $2,240.

The next hurdle could be $2,280, above which the price could target a significant recovery. The next major resistance is now near $2,360, i.e. the 61.8% Fib retracement level of the bearish wave from the $2,480 swing high to the $2,165 low.

Source: ETHUSD on TradingView.com

A clear break above the $2,360 level could initiate a significant rally. If specified, the price could rise to the $2,415 level. If more gains occur, the price may head towards the $2,550 area.

Will there be more losses in ETH?

If Ethereum fails to clear the $2,440 resistance, another decline could begin. Initial support for the downside is near the $2,200 level.

The next major support could be the $2,165 area. A break below the $2,165 support could push the price lower. If indicated, Ether could test the $2,120 support. Any more losses could push the price down to the $2,000 level.

technical indicators

Hourly MACD – ETH/USD MACD is gaining momentum in bearish territory.

RSI per hour – The RSI for ETH/USD is now below the 50 level.

Key Support Level – $2,165

Key Resistance Level – $2,480

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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