 ▲ Ethereum (ETH) |
Ethereum (ETH) has repeatedly failed to break through the psychological resistance level of $2,000, heightening concerns that a further sharp decline could follow if key support levels collapse.
According to cryptocurrency media outlet NewsBTC on February 13 (local time), Ethereum recently turned downward after another unsuccessful attempt to surpass the $2,000 mark and is now trading below the $1,980 support level. Analyst Aayush Jindal noted that Ethereum remains below both $1,980 and the 100-hour simple moving average, indicating that it has technically entered a bearish zone. The market is currently facing strong resistance near $1,960 as a downward trend line has formed.
Technical indicators are casting a dark shadow over Ethereum’s short-term outlook. The price has fallen below $1,960, the 50% Fibonacci retracement level of the upward move from the $1,745 low to the $2,168 high, suggesting that sellers are in control of the market. The Moving Average Convergence Divergence (MACD) is strengthening downward momentum in bearish territory, while the Relative Strength Index (RSI) has also dropped below the baseline of 50, signaling intensifying selling pressure.
The critical line Ethereum must defend is the $1,900 support level. If this level fails to hold firmly, warnings suggest the price could quickly retreat to $1,845 and potentially fall further to the $1,800 range. Additional losses could extend the decline to $1,750, amplifying investor anxiety. For bulls to stage a reversal, they must at least reclaim $1,960 and break through the solid resistance wall at $2,000.
On the other hand, if Ethereum successfully surpasses the $2,050 resistance level, the situation could reverse sharply. A breakout above this zone could accelerate gains toward $2,150, with the possibility of a short-term recovery extending to the $2,250–$2,280 range. However, for now, heavy sell orders at each upper resistance level are making it difficult to secure upward momentum.
The Ethereum market is currently walking a tightrope between a full-fledged downtrend and a technical rebound. Whether it can defend the crucial psychological threshold of $1,900 is expected to be a decisive turning point that will determine the cryptocurrency’s future price trajectory.
Disclaimer: This article is for investment reference purposes only and the publisher is not responsible for any investment losses resulting from its use. The content should be interpreted for informational purposes only.