Ethereum (ETH) price continues to decline, breaking through the $2,000 support level and recording a low of $1,744 in the near term.
At the time of writing, Ethereum price is at $1,953.50, down 0.33% since it opened early Friday trading in the Asian session.
After a decline of more than 15%, ETH is now trying to recover, but faces a major obstacle near $2,200, a key resistance level that is difficult to break through.
Since failing to stay above $2,200, selling pressure has increased, resembling Bitcoin's downward trend.
Despite the recovery effort above $1,850, the market is still in a bearish zone.
Technical analysis shows that Ethereum is currently below the 100-hourly Simple Moving Average (SMA), while the RSI indicator is below 50, indicating that selling momentum is still strong.
The key resistance levels that ETH needs to overcome to resume the positive trend are $1,950, $2,050, and finally $2,200.
If it manages to break through $2,200, the next target could be $2,350, and potentially even $2,550 – $2,665 in the near future.
However, if the recovery effort fails, Ethereum may continue to decline.
The main support is at $1,800, followed by $1,750 and $1,720, with the last critical support level at $1,680.
Ethereum is currently in a challenging phase with clear selling pressure.
Investors should keep an eye on the $1,800 – $2,200 levels as a determinant of the market’s next direction.
