Ethereum's price has been experiencing difficulties in recent times, struggling to regain momentum above key levels. The cryptocurrency currently trades below $2,050 and is facing bearish pressure.
Technical indicators are also suggesting a continuation of the downward trend. The MACD (Moving Average Convergence Divergence) is gaining momentum in the bearish zone, indicating that Ethereum may continue to move downwards. Additionally, the RSI (Relative Strength Index) has fallen below the 50 zone, further supporting this theory.
The immediate support level for Ethereum is around $2,000, but if it fails to clear the $2,090 resistance level, it could start a fresh decline towards $1,750. This would be a significant drop in price and would likely have a negative impact on investor sentiment.