Ethereum News: Price Dips Below $2,000 as Monthly RSI Hits Record Lows

In a significant development for the cryptocurrency market, Ethereum’s price has taken a dive, dipping below the $2,000 mark for the first time since December 2023. This downturn has not only concerned investors but has also led to a new record low in the monthly Relative Strength Index (RSI) for Ethereum CME Futures.

Ethereum’s Monthly RSI Hits New Lows, Price Dips Below $2,000

Ethereum’s price has faced significant downward pressure, dipping below the $2,000 mark for the first time since December 2023. The crash has further damaged bullish sentiment. Notably, the Ethereum CME Futures chart shows the monthly Relative Strength Index (RSI) has reached its lowest level on record, surpassing 2022 bear market readings. Crypto analyst Tony “The Bull” Severino has highlighted this significant development.

Ethereum Price Prediction: Potential for Short Selling

The short-term ethereum price prediction suggests a bounce toward $2,000, but more losses are likely in the coming weeks as bulls show little strength. Ethereum has fallen below the November 2023 psychological level of $2,000 and the November 2024 lows. ETH/BTC has reached a low not seen since December 2020. Technical indicators show a firmly bearish market structure, with the 23.6% southward Fibonacci extension level at $1,944 acting as resistance. Traders may consider going short if ETH retests this level.

Ethereum Poised For A Strong Comeback: Potential Breakout Hinted

Ethereum is still under significant bearish pressure, with the possibility of continued downward trends. However, after recent sharp declines, ETH may have reached a crucial point that could trigger a significant upward surge. Despite falling below $2,000, market expert Trader Tardigrade notes a bullish development on ETH’s chart that could pave the way for a rally to new highs.

Ethereum Price Hits Resistance—Will The Recovery Stall Here?

Ethereum price started a recovery wave from the $1,750 zone and is now consolidating NEAR the $1,920 resistance. The price is trading below $1,950 and the 100-hourly Simple Moving Average. A short-term bearish trend line is forming with resistance at $1,920 on the hourly chart. The pair must clear the $1,920 and $1,950 resistance levels to start a decent increase. Ethereum formed a base above the $1,750 level and cleared the $1,800 and $1,820 resistance levels, with a move above the 23.6% Fib retracement level of the downward wave from the $2,150 swing high.