The Bitcoin price plunged close to $82,000 while recovering to above $86,000, but Ethereum continues to print massive bearish candles. The start of the week was extremely bearish for the second-largest token as it flipped the growth trajectory of the price from bullish to bearish. The token was constantly testing the resistance at $2772 but failing to surpass it. However, the weekend trade elevated the levels above the range and quickly attracted bearish attention, dragging the levels by over 17% and plunging below $2,300.
The Asian markets provided some buying pressure, which appears to be squeezing with the start of the US market. Besides, the ETH price action is showing clear signs of weakness, suggesting that bears are still in control. The price is trading above $2,300 and is struggling to hold above the levels. Hence, this hints towards more downfall incoming for the ETH price, which may break below the pivotal range at $2,024.
Is the ETH price heading below $2000?
As seen in the above chart, the ETH price has landed into a crucial juncture where a rebound may save the token from attracting huge bearish activity. Moreover, the token is about to experience a ‘Death Cross’, which revies the possibility of another 20% pullback in the next few days. The price experienced a similar phenomenon back in August 2024, and interestingly, it consolidated along the support zone, much similar to the current one. After the previous death cross, the price dropped to $2,131 after failing to sustain itself within the support zone between $2,837 and $2,872.
Therefore, if the price fails to hold within the current support zone between $2,301 and $2,336, then a drop to $1,822 could be imminent.
Although the support at $2,294 and $1,930 may offer a base to trigger a rebound, after breaking $2000, the traders may expect more pullback to push the price within the demand zone. Meanwhile, if the previous pattern repeats, then the price is subjected to facing prolonged consolidation before the next bullish action. Besides, if the price rebounds, it could be a short-lived one as the MACD, which is in the negative range, has undergone a bearish crossover.
Therefore, bearish clouds hover over the Ethereum (ETH) price rally, which may drag the levels below $2000 in the next few days.
