Ethereum price started a sharp decline below the $2,220 zone. ETH is now 
consolidating above $2,020 and might aim for a recovery wave if it climbs 
above $2,110. Ethereum started a sharp decline below the $2,200 zone. The 
price is trading below $2,120 and the 100-hourly Simple Moving Average. There 
are two bearish trend lines forming with resistance at $2,120 and $2,165 on 
the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to 
move down if it stays below the $2,165 resistance. Ethereum Price Turns Red 
Ethereum price failed to stay above $2,220 and started a fresh decline, like 
Bitcoin. ETH price declined below $2,150 and $2,120 to enter a short-term 
bearish zone. The price even spiked below $2,050. A low was formed at $2,025, 
and the price is now consolidating losses below the 23.6% Fib retracement 
level of the downward move from the $2,385 swing high to the $2,025 low. There 
are also two bearish trend lines forming with resistance at $2,120 and $2,165 
on the hourly chart of ETH/USD. Ethereum price is now trading below $2,100 and 
the 100-hourly Simple Moving Average. If the bulls remain in action above 
$2,025, the price could attempt another increase. Immediate resistance is seen 
near the $2,080 level. The first key resistance is near the $2,120 level or 
the 100-hourly Simple Moving Average. The next major resistance is near the 
$2,165 level and the second trend line. A clear move above the $2,165 
resistance might send the price toward the $2,200 resistance or the 50% Fib 
retracement level of the downward move from the $2,385 swing high to the 
$2,025 low. An upside break above the $2,200 region might call for more gains 
in the coming days. In the stated case, Ether could rise toward the $2,250 
resistance zone or even $2,300 in the near term. More Losses In ETH? If 
Ethereum fails to clear the $2,120 resistance, it could start a fresh decline. 
Initial support on the downside is near the $2,040 level. The first major 
support sits near the $2,025 zone. A clear move below the $2,025 support might 
push the price toward the $2,000 support. Any more losses might send the price 
toward the $1,965 region. The main support could be $1,880. Technical 
Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the 
bearish zone. Hourly RSI &#8211; The RSI for ETH/USD is now below the 50 zone. Major 
Support Level – $2,025 Major Resistance Level – $2,120

Ethereum Price Drops Toward $2,000, Pressure Mounts on Key Support

Bitcoin price started a sharp decline from well above $72,000. BTC is now 
consolidating and might extend losses unless there is a close above $70,000. 
Bitcoin started a sharp decline below $71,200 and $70,500. The price is 
trading below $70,500 and the 100 hourly simple moving average. There is a 
bearish trend line forming with resistance at $69,200 on the hourly chart of 
the BTC/USD pair (data feed from Kraken). The pair might continue to decline 
if it stays below the $69,200 and $70,000 levels. Bitcoin Price Dips Further 
Bitcoin price started a sharp decline from well above $72,000. BTC declined 
below $71,200 and $70,000 to enter a short-term bearish zone. The bears even 
pushed the price below $69,500. There was a move toward $67,500. A low was 
formed at $67,343, and the pair is now consolidating losses. There was a minor 
upward move above $68,000, but the price stayed well below the 23.6% Fib 
retracement level of the downward move from the $75,999 swing high to the 
$67,343 low. Bitcoin is now trading below $70,000 and the 100 hourly simple 
moving average. Besides, there is a bearish trend line forming with resistance 
at $69,200 on the hourly chart of the BTC/USD pair. If the price remains 
stable above $68,000, it could attempt a fresh increase. Immediate resistance 
is near the $69,000 level. The first key resistance is near the $69,200 level 
and the trend line. A close above the $69,200 resistance might send the price 
further higher. In the stated case, the price could rise and test the $70,000 
resistance. Any more gains might send the price toward the $71,650 level or 
the 50% Fib retracement level of the downward move from the $75,999 swing high 
to the $67,343 low. The next barrier for the bulls could be $72,800. Downside 
Extension In BTC? If Bitcoin fails to rise above the $70,000 resistance zone, 
it could start another decline. Immediate support is near the $68,000 level. 
The first major support is near the $67,250 level. The next support is now 
near the $66,500 zone. Any more losses might send the price toward the $65,000 
support in the near term. The main support now sits at $63,500, below which 
BTC might struggle to recover in the near term. Technical indicators: Hourly 
MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative 
Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support 
Levels – $68,000, followed by $67,250. Major Resistance Levels – $69,200 and 
$70,000.

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