Ethereum took a hit this week. The second-largest cryptocurrency by market cap slipped below $2,050 and is now trading under $2,030, below its 100-hourly simple moving average. A low was set at $2,009, and a descending trend line is forming with resistance near $2,040 on the hourly chart.
Resistance Levels Are Stacking Up
Immediate resistance sits at $2,040. Above that, $2,060 is the next hurdle. The major resistance zone is $2,090, which coincides with the 61.8% Fibonacci retracement level of the recent decline. That's a key level to watch — sellers have been defending it hard.
Support Zones to Keep an Eye On
On the downside, the first support is near the $2,000 mark. Below that, $1,965 is a major support level. Further losses could drag ETH toward $1,920, then $1,880, $1,840, and ultimately $1,750. The bears are in control for now, and a daily close under $2,000 would open the door to deeper losses.
Technical Indicators Lean Bearish
The hourly MACD is gaining momentum in the bearish zone. The RSI is below 50, signaling weak buying pressure. Both indicators suggest the path of least resistance is to the downside — not a surprise given the price action.
The $2,090 Hurdle
If Ethereum manages to clear the $2,090 resistance, it could start a recovery toward $2,120. Above that, $2,150 and $2,200 are possible targets. But until that level is broken, the bearish trend line at $2,040 will likely cap any upside. The coming sessions will determine whether $2,000 holds or gives way to deeper losses.
