Ethereum (ETH) Aligned for Deeper Pullback — Can Support Hold?

Ethereum (ETH) is consolidating below the $2,000 pivot level. The price is at risk of more losses below the $1,750 support.

Ethereum Price Turns Bearish Below $2,500

In the past few days, we saw a steady decline in Ethereum below the $2,500 support zone, like Bitcoin. There was a move below the $2,350 and $2,200 support levels. The bears even pushed the price below the $2,000 support zone.

The price settled below the 50-day simple moving average (blue) and tested the $1,750 zone. A low was formed at $1,761 and ETH is currently consolidating losses.

Ethereum is now well below the $2,200 support and the 50-day simple moving average (blue). The current price action is very bearish and if the bulls attempt a recovery wave, they could face many hurdles.

On the upside, the price could face resistance near the $1,950 level. The first major resistance sits near the $2,000 level or the 23.6% Fib retracement level of the downward move from the $2,860 swing high to the $1,761 low.

The next resistance is near the $2,150 zone. A clear move above the $2,150 level could open the doors for a steady increase toward the $2,300 level. There is also a key bearish trend line forming with resistance at $2,300 on the daily chart.

The trend line is close to the 50% Fib retracement level of the downward move from the $2,860 swing high to the $1,761 low. If ETH clears the $2,300 resistance, the bulls could aim for a move toward the $2,440 resistance. Any more gains might call for a test of the $2,600 resistance zone and the 50-day simple moving average (blue) in the coming days.

More Losses In ETH?

Immediate support on the downside is near the $1,820 level. The first major support sits near the $1,750 level. A daily close below the $1,750 level might spark heavy bearish moves in Ethereum.

In the stated case, the price could drop and test the $1,620 support. If there is a clear move below the $1,620 support, ETH price might even decline and test the $1,550 support zone in the coming days.

Overall, Ethereum price shows many bearish signs below $2,150 and $2,000. A convincing move below $1,820 and $1,750 could initiate another decline toward the $1,500 level.