Ethereum Price Forecast: ETH breakdown to $2,000 looms in the wake of rejection

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Ethereum is back in red after a consistent rise toward $3,000. The breakout from last week’s key support at $1,750 failed to overcome seller congestion at $2,900. Note that the ongoing retreat is not unique to Ether but appears to be pulling the whole market down.
Bitcoin has been rejected at $40,000 and currently seeks support toward $36,000. The cross-border money transfer token has also lost the battle above $1 and moves toward $0.9.
Ethereum technicals could flip massively bearish
The gigantic altcoin trades at $2,660 at the time of writing. The correction from the failed attempt to clock $3,000 looks unstoppable at $2,600. However, the 50 Simple Moving Average (SMA) is in line to halt the potential losses eying $2,400 and $2,000, respectively.
It is worth keeping in mind the short-term technical outlook, which continues to weaken. For example, the Moving Average Convergence Divergence (MACD) has stalled at 90 and could soon assume a downward trajectory. Losses are likely to intensify if the MACD line (blue) flips below the signal line. The trend momentum indicator diving will accentuate the bearish outlook toward the mean line. Source