ETH Falls Below $2,050 as Charts Point to Key Support Zones
Ether (ETH) slipped below $2,050, trading around $2,020 after a weekly candlestick that ranged roughly $2,391–$1,739 and marked a weekly decline of about 10.8%. Technical snapshots from Crypto Rover highlighted price sliding into a lower brown support band just under $2,000 and identified deeper demand near $1,383 and the low-$1,000s. Fibonacci resistance levels sit overhead (0.65 ≈ $2,633; 0.618 ≈ $2,748; 0.382 ≈ $3,591), suggesting multiple resistance layers should price recover. On the four‑hour chart, ETH failed to reclaim prior support now acting as resistance in the low-$2,100s, with a descending trendline capping rebounds. Short-term moving averages rolled over above price, Bollinger Bands expanded during selling, and volume spiked on the selloff then eased during rebound attempts. Crypto Rover urged patience, noting ETH is "not in the perfect buying zone (yet)." Key takeaways for traders: ETH is in a short-term downtrend with critical support zones near $2,000, $1,383 and the low $1,000s; overhead Fibonacci and a falling trendline create resistance in the $2,600–$3,600 range; expect increased volatility and watch volume and moving averages for confirmation of a reversal or continuation.
Bearish
The article describes a clear short-term downtrend for ETH: price has dropped below $2,050 and the weekly candle shows a significant decline (~10.8%) into lower support bands. Short-term technicals (four‑hour chart) show reclaimed support acting as resistance, a descending trendline capping rallies, and moving averages positioned above price — all classic bearish signals. Volume spiked on the selloff and cooled on rebounds, indicating limited buying conviction. Overhead Fibonacci levels around $2,600–$3,600 present multi-layer resistance that could slow recoveries. Historically, similar setups (loss of key support, MAs above price, rising volume on selloffs) have led to further downside or extended consolidation before meaningful reversals. In the short term, traders should expect continued volatility and further downside risk toward the marked support zones ($2,000, ~$1,383, low $1,000s) unless price reclaims the low-$2,100s with sustained volume and moving-average crossovers. In the medium to long term, fundamentals (network upgrades, macro liquidity, ETF flows) could alter this bias; but technically, until ETH breaks above key resistance and flips MAs to support, the bias remains bearish.