TA: Ethereum's Continuing Downward Could Drop Below $2K

Ethereum remains in the bearish zone and is trading below USD 2,250 against the US Dollar. ETH price continues to risk more downsides below $2,000 in the near term. Ethereum extended its decline below the USD 2,250 and USD 2,150 levels. The price is now trading well below $2,250 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $2,220 on the hourly chart of ETH/USD (data feed via Kraken). If the bulls fail to protect the key USD 2,000 support zone, the pair could extend its decline. Ethereum price remains at risk Ethereum started a steady decline well above $2,400, similar to bitcoin. ETH traded below the USD 2,250 and USD 2,120 support levels to enter a bearish zone. There was also a break below the USD 2,100 support zone and a low was formed near USD 2,041. Recently, ether started a decent recovery and settled above the $2,200 level. However, the price failed to clear the $2,250 and $2,280 resistance levels. It is now trading well below $2,250 and the 100 hourly simple moving average. Ether continued its decline and traded below the USD 2,150 level. There was a clear break below the 50% Fib retracement level of the upward move from the $2,041 high to $2,276 high. It is now trading near the $2,080 support level and testing the 76.4% Fib retracement level of the low from the $2,041 high to $2,276 high. Source: ETHUSD on TradingView.com The first major resistance on the upside is near the USD 2,150 level. The main resistance is now forming near the $2,250 level and the 100 easy-moving hourly average. There is also a major bearish trend line forming with resistance near $2,220 on the hourly chart of ETH/USD. Losing more in ETH? If Ethereum fails to clear the USD 2,150 and USD 2,250 resistance levels, it could continue to decline. An initial support on the downside is near the USD 2,050 level. The main cut support is currently forming near the $2,000 level. A Downward Leap Under the Recent

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