Ethereum (ETH) slid below $1,980 after failing to hold the $2,000 level, with bearish technical indicators suggesting the second-largest cryptocurrency could face further downside toward $1,900 and beyond.
What Happened: ETH Rejected at $2,000
Ethereum's latest attempt to sustain gains above $2,000 failed, sending the price below $1,980 and $1,960 into bearish territory. The decline mirrored weakness in Bitcoin (BTC).
The sell-off pushed ETH below the 50% Fibonacci retracement level of its move from the $1,745 swing low to the $2,168 high, with bears driving the price toward $1,900 support. A bearish trend line has formed with resistance at $1,960 on the hourly ETH/USD chart.
ETH is now trading below the 100-hourly Simple Moving Average. The hourly MACD is gaining momentum in bearish territory, and the RSI has dropped below 50.
On the upside, resistance sits at $1,960, then $2,000 and $2,050. A move above $2,050 could open the path to $2,150 and potentially $2,250.
Should ETH fail to clear $1,960, initial support rests at $1,920, with the major floor near $1,900 — the 61.8% Fibonacci retracement. A break below that level could expose $1,845 and eventually $1,750.
Also Read: XRP Drops 33% But Nine-Year Trendline Holds Strong
Why It Matters: Bearish Signals Mount
The rejection at $2,000 is significant because it represents a psychological threshold that bulls have now failed to hold on multiple attempts. Each failed breakout above that level has been met with progressively sharper selling pressure.
The convergence of bearish indicators — the trend line resistance, MACD momentum, and sub-50 RSI — paints a picture of weakening demand. The 61.8% Fibonacci level at $1,900 is now the critical line of defense; a breach there would suggest the broader uptrend from $1,745 has lost structural support and could open the door to a retest of $1,800 or lower.