Ethereum Price Facing More Losses? Is $2,000 Support at Risk?

Highlights:

• Ethereum faces strong resistance at $2,200 amid bearish market sentiment.
• Long liquidations exceed $230M as ETH price struggles below support.
• Technical indicators show bearish momentum, with RSI nearing oversold levels.

Ethereum (ETH) price is facing downward pressure after failing to sustain key support levels. ETH is trading below $2,100 as bearish momentum dominates the market. The cryptocurrency has dropped 10% in the past week, reflecting a broader market decline.

The global crypto market cap stands at $2.64 trillion, marking a 3.12% decrease in the last 24 hours. Meanwhile, total trading volume surged to $129.6 billion, up by 124.82%. Bitcoin (BTC), other major assets such as Solana (SOL), Cardano (ADA), and XRP are all taking a dive and slipping below the $82,000 mark. This has lead to massive liquidations prompting a further negative sentiment.

Ethereum Sees $230 Million in Long Liquidations as Market Declines

The liquidations that occurred amounted to more than $230 million of ETH being liquidated via long positions across exchanges. A forced wave of closures was triggered by the sharp drop in price.

The largest liquidation spike occurred at 13:00UTC, according to market data, at a time of a quick Ethereum price drop to nearly $2,028, leading to what was believed to be a short liquidation bot to sell in bulk. The market downturn itself was part of that, but a big part was wiped out highly leveraged positions.

Over $230 million in #Ethereum $ETH long positions were liquidated yesterday, shaking out overleveraged traders! pic.twitter.com/MP9uR7DsDt

— Ali (@ali_charts) March 10, 2025

Crypto Analyst Predicts ETH 18% Breakout Move

Ethereum price is fine-tuning into a descending triangle pattern, according to crypto analyst Ali. A technical structure that often spells the end of a trend before a massive movement happens. According to the analysis, the break out from this pattern may provoke an 18% price change.

The downward trendline around Ethereum prices serves as a resistance barrier against upward movement, though the lower boundary maintains its stability. Ethereum has validated its support on multiple occasions as sellers generated decreasing prices. If the asset breaks above the trendline, a surge toward $2,400 could occur. However, if Ethereum fails to hold support, a drop toward $1,800 or lower remains possible.

#Ethereum $ETH is consolidating within a descending triangle. Once a breakout occurs, it could trigger an 18% price move! pic.twitter.com/7SaTLWqe0x

— Ali (@ali_charts) March 10, 2025

Will Ethereum Price Hold $2,000 Support Hold?

The latest ETH price action shows a sharp decline, dropping 5% to $2,017. The price fell from a high of $2,135 before testing the $1,991 support level. Ethereum remains under pressure, struggling to regain strength after the recent downturn.

Technical indicators on the 4-hour chart highlight bearish momentum. The Relative Strength Index (RSI) stands at 36, indicating that ETH is nearing the oversold conditions. However, the RSI remains below 50, suggesting weak buying interest. The MACD histogram also signals bearish momentum, with the MACD line at -9.36, further confirming downside pressure.

Ethereum faces strong resistance at $2,200, where sellers could limit recovery attempts. A break above this level could push ETH toward $2,500. On the downside, the $2,000 mark remains a key support level. If this level fails, the next target is $1,700, where buyers may attempt to stabilize the price.

The market remains volatile, with Ethereum struggling to gain bullish momentum. The price must hold above $2,000 to prevent further downside. If bulls regain control, ETH could test higher resistance zones in the coming sessions.