Ethereum fell below the $2,000 mark and is now consolidating near that level, with a fresh decline below $2,010 adding to the bearish mood. The drop came after a bullish trend line with support at $2,015 was broken on the hourly chart, according to data from Kraken. With ETH trading below its 100-hourly Simple Moving Average, momentum is firmly in the bears' court.
Break below $2,000
The move under $2,000 didn't come out of nowhere. The hourly chart showed a clear break of the $2,015 support line, which had been holding for several sessions. That break opened the door for a slide toward the psychological $2,000 level — and then through it. At time of writing, ETH is struggling to reclaim that round number, now acting as resistance.
Key levels to watch
Immediate resistance sits at $2,020, with a more significant hurdle at $2,030. The major resistance is $2,050, which also corresponds to the 50% Fibonacci retracement level of the recent decline. A clear move above $2,050 could change the picture, potentially pushing ETH toward $2,085, then $2,120 or even $2,150.
On the downside, initial support is near $1,980. If that gives way, major support at $1,965 comes into play. Further losses could target $1,920, $1,850, and eventually $1,780 — levels not seen since early 2025.
Technical indicators turn bearish
The hourly MACD is gaining momentum in the bearish zone, while the hourly RSI sits below 50 — both classic sell-side signals. For now, the path of least resistance is lower, unless bulls can push back above $2,050 in short order. That level will likely determine whether this is a temporary dip or the start of a deeper correction.
