Ethereum Suffers a Setback as It Loses the Psychological Price Barrier of $2,000

Ethereum Price Long-Term Analysis: Bullish
Ethereum’s (ETH) price faces rejection at $2,131.50 as it loses the psychological price barrier of $2,000. Buyers were unable to maintain their bullish momentum after being rejected at the high of $2,100. The altcoin would have reached previous highs if it had reached the $2,200 peak.However, selling pressure has returned as a result of the bear’s break of the $2,000 psychological price level.

First, the altcoin will fall to the $1,900 support level or the 21-day SMA. If the 21-day SMA support is maintained, the present uptrend will resume. The downtrend will resume if the bears breach the $1,920 support or the 21-day SMA. Ether will fall to a low above the $1,746 breakthrough barrier. At the moment, ETH/USD is trading at $1,973.

Technical indicators:
Major Resistance Levels – $2, 600, $2,800, $3,000
Major Support Levels – $1.600, $1, 400, $1,200

Ethereum Indicator Analysis
On the 4-hour chart, the bears have breached below the moving average lines, indicating that the cryptocurrency will continue to fall. The price bars on the daily chart are above and approaching the 21-day SMA. If the 21-day SMA is violated, the present rally may come to an end.

Conclusion
Ethereum is in decline below the psychological price barrier of $2,000. Ether was restrained twice before its recent high before falling. The altcoin is getting close to the important support level of $1,920. Following a collapse below the $2,000 support, the bears will seek to breach below the 21-day simple moving average. If the bears are successful, the decline will resume.

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