Ethereum's price continues to move in a downward channel that it started forming last week after hitting a high of $2633. This channel limited the pair until yesterday. Over the weekend, it tried to rise above the levels of 2100 and 2200, but could not resist, and at the time of publication, the ETH/USD pair is trading in the area of 2011. Thus, the ETH/USD pair came close to the psychological support level of 2000.
The ETH/UD pair retains the potential to dip below the level of 2000 in the near term. It falls further and further below the 100-hour moving average. If today we see a breakdown of the support level of 2000, it will cause a serious decline. In this case, the ETH/USD pair may drop to the area of $ 1850. The last time the pair reached this level was in March this year.
If the ETH/USD pair manages to hold above the level of $2000, the bulls will again try to raise the price of Ethereum above the level of 2150. The next resistance is in the 100-hour moving average, around $2250.
Analysts attribute the decline in the price of Ethereum to the rise in the dominance of Bitcoin, which gradually increases after a sharp drop. Now the share of the largest cryptocurrency on the market exceeds 45%. The rise in the BTC index is the first sign of capital outflow from altcoins. If this trend continues in the coming days, then the price of Ethereum is threatened with a price drop to $1800.