Ethereum Price Forecast: As Nvidia's Jensen Huang resigns, ETH slides below $2,000

Ethereum price today: Can ETH hold at $2,015?

• Selling pressure briefly pushed Ethereum below $2,000 following the resignation of Nvidia CEO Jensen Huang.
• With US sentiment still negative, outflows from ETH ETFs persist.
• Support could emerge at $1,970 for ETH if the price remains below $2,000.

Selling pressure sent Ethereum (ETH) briefly below $2,000 on Thursday, leaving it down 3%, as AI-related equities sold off. The decline followed the resignation of chipmaker Nvidia's (NVDA) Jensen Huang as CEO, President and member of the Board of Directors.

How is Huang's resignation weighing on Ethereum?

Reports alleging that Huang had another affair, this time with the company's Vice President of Healthcare Kimberly Powell, preceded the decision. Even before that report, Huang had faced intense scrutiny after confirming an affair with a Chinese executive named Huang Le, whom US officials deemed a Chinese intelligence asset.

Sharp initial losses swept through several AI-related neocloud stocks after Huang stepped down. Nvidia, Nebius (NBIS), CoreWeave (CRWV) and Iren (IREN) briefly shed 10%, 21%, 14% and 9%, respectively, before recovering slightly.

Cryptocurrencies also came under pressure as the equity decline spread to a market whose positive correlation with AI stocks has strengthened over recent months. Over the past 24 hours, global crypto market capitalisation has contracted by 5.7%.

At the time of writing, Ethereum is down 3% and has moved below $2,000. Coinglass data shows that the decline triggered $126.7 million in liquidations over the past 24 hours, with liquidated long positions accounting for $103.9 million.

Outflows are also evident in US spot ETH exchange-traded funds (ETFs), as investors shift away from these products. According to SoSoValue data, Wednesday saw net withdrawals of $144.8 million. Since the start of November, the funds have registered just one day of inflows.

US sentiment, as measured by the Coinbase Premium Index, tells a similar story. Negative readings have persisted since early September, indicating that selling pressure from US-based investors remains dominant.

Ethereum technical outlook: Can $1,970 support hold after ETH briefly slips below $2,000?

The bearish phase in ETH continues, with the price at $2,016 and well beneath the 20-, 50- and 100-day Exponential Moving Averages (EMAs), grouped roughly between $2,220 and $2,330. With these short- and medium-term EMAs positioned above the price, downside pressure appears persistent despite momentum moving into oversold territory. The 14-day Relative Strength Index (RSI) is around 28, while the Stochastic Oscillator (Stoch) is near 7. These readings suggest that any initial rebound would be corrective as long as the pair remains constrained by the trend levels overhead.

The key downside test for ETH is support at $1,971. A break below this level could send the leading altcoin towards the horizontal levels of $1,827 and $1,706.

Any upward move first faces horizontal resistance at $2,101, where Wednesday's modest recovery was rejected. Beyond that lie the $2,204 barrier, the 20-day EMA at $2,227 and the $2,250 level. The next hurdles are the 100-day and 50-day EMAs, at $2,320 and $2,334, respectively.

(The technical analysis of this story was written with the help of an AI tool. Know more.)