Ethereum price continues the bearish correction that began on July 7. On the price chart, the ETH/USD pair has come close to the $2000 mark and is struggling to stay above it.
Since yesterday, the ETH/USD pair has dropped below the support level of 2100 and below the 100-hour moving average. The bears even tried to break the level of 2000, hitting the 1978 low, but the bulls managed to get the price back above 2000. At the time of publication, the ETH/USD pair is trading in the area of 2010.
If the bears manage to push the price of Ethereum below $2000, we will see an acceleration in the price decline. In such a case, the price of Ethereum can quickly overcome the intermediate support level of $1920 and reach the next support level of $1850.
If the bulls manage to keep the Ethereum price above $2000, there is a chance that the price will rise to the area of $2050. However, the resistance area of $2090-2100 awaits the ETH/USD pair above. If the bulls manage to close the daily candle above $2100, it will start a recovery wave in the short term. In this case, the price may rise to $2175. The 2300 level is not yet attainable for the ETH/USD pair. And the level of 2400 provides strong support that the bulls cannot overcome. We saw this on July 7, when resistance increased significantly after hitting the level of 2400.