Ethereum Price Forecast: $ 2,000 ETH Breakout Stalls After $ 2,900 Rejected

Ethereum turned red again after rising steadily to $ 3,000. The break of the $ 1,750 key support last week could not overcome the seller's $ 2,900 squeeze. Note that the current decline is not unique to Ether but appears to be pulling the entire market down. Bitcoin was rejected at $ 40,000 and is currently seeking support up to $ 36,000. The cross-border money transfer token also lost the war over $ 1 and is heading towards $ 0.9. Ethereum technology could go into extreme decline. The Altcoin giant is trading at $ 2,660 at the time of writing. For an unsuccessful attempt to win $ 3,000, the fix seems unstoppable at $ 2,600. However, the 50 Simple Moving Average (SMA) is in line to stop potential losses of $ 2,400 and $ 2,000 respectively. It is worth considering the weakening short-term technical outlook. For example, the moving average convergence divergence (MACD) has stopped at 90 and may start to decline soon. Losses are likely to increase when the MACD (blue) line returns below the signal line. The drop of the trend momentum indicator will highlight the bearish appearance towards the midline (0.00). ETH / USD Four-Hour Chart ETH / USD Price Chart by Tradingview The Relative Strength Index (RSI) on the four-hour chart has continued its bearish momentum after crossing the overbought threshold. As the RSI retreats to the midline, the bear's grip is tightening, making it harder for the bulls to fight for recovery. Therefore, the path of least resistance remains in the bottom. Looking beyond the barrier $ 2,600 and support for the 50 SMA has the potential to prevent Ether from reaching lower levels. In other words, if these levels are considered strong anchors, buyers can start to focus on the rally. On the upside, transactions above $ 2,900 and $ 3,000 could play an important role in bringing Ethereum back to around $ 4,000. Ethereum Intraday Levels Spot Price: $ 2,660 Trend: Bearish Volatility: High Support: 50 SMA Resistance and $ 2,400 USD: $ 2.90

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