Will ETH Price Face a Major Drop Below $2000?
Bitcoin price plummets near $82,000 Revert to over $86,000 at the same timebut Ethereum continues to print a large number of bearish candles. For the second-largest token, the start of this week is very bearish as it flips the price growth trajectory from bullish to bearish prices. The token constantly tested the resistance at $2772 but failed to surpass it. However, trade raised the level above the range over the weekend and quickly attracted bearish attention, dragging the level above 17% and falling below $2,300.
The Asian market offers some buying pressure, which seems to squeeze as the US market begins. also, ETH price The action showed obvious signs of weakness, indicating that the bear was still under control. The price is trading above $2300 and strives to hold above-level prices. So this hints at more downturns in ETH prices, which could break through to the key range of $2,024.
Is ETH price less than $2,000?
As can be seen from the chart above, the ETH price has entered a critical moment, where the rebound can save the token from attracting huge bearish activity. Additionally, the token is about to experience the “Death Cross”, which will make the possibility of another 20% retreat in the coming days. Prices were as early as August 2024, and the price experienced a similar phenomenon, and it was interesting to note that it consolidated along the support zone, similar to the current support zone. After the last death intersection, the price fell to $2,131 as he failed to maintain himself between $2,837 and $2,872.
Therefore, if the price fails to hold in the current support zone between $2,301 and $2,336, it may drop to $1,822.
While support from $2,294 and $1,930 may provide the basis for triggering the rebound, traders may expect more pullbacks to drive prices within the demand zone after breaking $2,000. Meanwhile, if the previous pattern is repeated, the price will face a prolonged consolidation before the next bullish move. Furthermore, if the price rebounds, it can be a brief moment, as the MACD is in the negative range, and a bearish crossover occurs.
So the bearish cloud hovered over the Ethereum (ETH) price rally, which could drag the level below $2,000 in the next few days.
