Ethereum’s Reclaiming of $2,000 Looks Distant as $1,800 Breakdown Fears Become Reality

▲ Ethereum (ETH)

Ethereum (ETH) has failed to reclaim the psychological resistance level of $1,900 and has broken below key support, facing a critical test to defend the $1,800 range.

According to cryptocurrency media outlet NewsBTC on February 24 (local time), Ethereum’s decline accelerated after it failed to hold the $1,920 support level, successively losing the $1,880 and $1,860 levels and officially entering a bearish phase. As selling pressure intensified, bargain hunters stepped in around $1,810, attempting a temporary rebound. However, the recovery appeared weak, failing to even reach the 23.6% Fibonacci retracement level of the decline formed from the $1,995 high.

Technical indicators cast a dark shadow over Ethereum’s near-term outlook. The hourly Moving Average Convergence Divergence (MACD) is expanding bearish momentum, while the hourly Relative Strength Index (RSI) remains below the neutral 50 level, reflecting prevailing selling pressure. Ethereum is currently trading below the 100-hour simple moving average and faces strong resistance from a descending trendline near $1,920.

For a meaningful rebound, Ethereum must break through the resistance zone between $1,900 and $1,920. Notably, the $1,900 level coincides with the 50% Fibonacci retracement of the recent downward move, making it a crucial pivot for short-term direction. If buyers manage to push above the $1,920 resistance, it could pave the way for a recovery toward $1,965 and potentially the psychological barrier at $2,000.

Conversely, failure to break above the $1,900 resistance could expose Ethereum to further declines. Downside supports are located near $1,835 and $1,820, and if these levels give way, losses could extend toward $1,780 and even $1,740. In a worst-case scenario, Ethereum’s final line of defense is seen at the $1,720 level.

Ethereum is facing strong downward pressure in tandem with Bitcoin’s (BTC) decline, and the defense of the $1,820 support level will likely determine its fate over the coming days. Market participants are closely watching for a breakout above the descending trendline while focusing on risk management, as cautious trading continues amid low volume and uncertainty over direction.

Disclaimer: This article is for investment reference only and the publisher is not responsible for any investment losses incurred based on this information. The content should be interpreted for informational purposes only.