Ethereum Falls as It Approaches the $2,000 Mark

Ethereum (ETH) Current Statistics
The current price: $2,173.47
Market Capitalization: $261,044,224,860
Trading Volume: $8,086,963,002
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $1,700, $1,500, $1,000

Ethereum (ETH) Price Analysis December 18, 2023
The price of Ethereum (ETH) has resumed selling pressure as it approaches the $2,000 mark. Since December 7, the largest altcoin has failed to break above the $2,400 barrier level. Ether was also rejected at a high of $2,300.

The coin has gone below the 21-day SMA, and the negative momentum will continue until the coin reaches a low above the 50-day SMA, or $2,060. Meanwhile, during the December 11 decline, Ether corrected upward, with a candle body testing the 38.2% Fibonacci retracement level.

The pullback suggests that the market will fall below the 2.618 Fibonacci extension, or $1,714.80. Meanwhile, Ethereum has been caught between the moving average lines.

ETH Technical Indicators Reading
Following a recent fall, the price of Ether is now trading between the moving average lines. The crypto is falling near the 50-day simple moving average. The upward-sloping moving average lines hold despite the decline. The moving average lines in the lower period are sloping horizontally, indicating the past trend.

Conclusion
Ethereum is in a downward trend as it approaches the $2,000 mark. The current rise has come to an end. The price of the altcoin has dropped significantly. The altcoin was trading between $2,150 and $2,400 in the latest price action.

Ether has fallen to a low of $2,166.66 at the time of writing. If the current level of support is compromised, the decline will restart.

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