With $2,000 now in danger of disappearing in the next few hours, Ethereum is on the verge of possibly losing a significant price level. The asset has been steadily declining, which is indicative of a larger pattern of waning network activity and investor interest. Ethereum's difficulty regaining momentum is clear in the recent price action, and its incapacity to maintain significant recoveries raises the possibility of a further decline.
Due to its rapid decline, Ethereum's price has been marking lower highs and lower lows on a regular basis. The sloping moving averages provide support for the chart's obvious downward trend, confirming bearish control over the asset. Weak buying interest and persistent selling pressure are indicated by the 50-day and 200-day moving averages, which are still pointing downward.
ETH/USDT Chart by TradingView
The whole thing is aggravated by Ethereum's declining network size. Retail and institutional participants are leaving the asset, according to on-chain data, which indicates that the number of transactions and active addresses is still dropping. The situation is further complicated by a slowdown in DeFi activity and a lack of investment in Ethereum-based projects.
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There is little reason for optimism regarding Ethereum in the near future based on the technical outlook. Losing $2,000, which serves as a significant psychological and technical support level, could allow for a much more drastic correction. The next major support zones for ETH are the $1,800 and even $1,700 ranges, which could see a decline if selling pressure increases.
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The fact that the RSI levels are still in the oversold area could indicate a possible short-term rebound. Nevertheless, in order to change the momentum, any recovery effort would have to overcome the immediate resistance at $2,200. Until then, Ethereum could continue to decline because the market is not showing many signs of turning around.
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