Ethereum at Risk of Declining Below $2,000

Ethereum is facing potential losses with prices nearing $2,000. The asset’s ongoing decline reflects waning network activity and investor interest.

Current Price Action

Ethereum has consistently marked lower highs and lows, confirming a bearish trend. Moving averages, both 50-day and 200-day, indicate weak buying interest.

Network Activity Decline

On-chain data shows a drop in transactions and active addresses, signaling decreased retail and institutional participation. This decline is worsened by reduced DeFi activity.

Outlook

Losing the $2,000 support level may trigger a significant correction, with potential support at $1,800 or $1,700. Although RSI levels suggest a possible short-term rebound, any recovery must overcome resistance at $2,200 to change momentum. Without signs of a market reversal, further declines appear likely.