$2,000 breached: Ethereum price forecast as ETH drops on Jensen Huang's resignation from Nvidia

$2,015: Ethereum price today

• $2,000 briefly gave way for Ethereum following the resignation of Nvidia CEO Jensen Huang.
• With US sentiment still negative, ETH ETFs continue to record outflows.
• Below $2,000, ETH could seek support at $1,970.

Ethereum (ETH) fell 3% on Thursday. The token briefly breached $2,000 as AI-related equities sold off following the resignation of chipmaker Nvidia's (NVDA) Jensen Huang as CEO, President and member of the Board of Directors.

Ethereum under pressure after Huang resignation

Reports alleging another affair, this time with the company's Vice President of Healthcare Kimberly Powell, preceded Huang's decision. 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 across several AI-related neocloud stocks followed Huang's resignation. Nvidia, Nebius (NBIS), CoreWeave (CRWV) and Iren (IREN) briefly lost 10%, 21%, 14% and 9%, respectively, before recovering slightly.

Cryptocurrencies also came under selling pressure, extending the increasingly positive correlation with AI stocks seen over recent months. Over the past 24 hours, global crypto market capitalisation has declined by 5.7%.

At the time of writing, Ethereum is down 3% and trading below $2,000. Coinglass data show that the move prompted $126.7 million in liquidations over the past 24 hours, with liquidated long positions accounting for $103.9 million.

US spot ETH exchange-traded funds (ETFs) are also losing investor capital. Wednesday brought $144.8 million in net outflows, according to SoSoValue data. Since the start of November, these products have registered just one day of inflows.

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

$1,970 support in focus: Ethereum technical outlook after ETH briefly breaks $2,000

At $2,016, ETH remains in a bearish phase. Price is well below the 20-, 50- and 100-day Exponential Moving Averages (EMAs), grouped at roughly $2,220 to $2,330. With these short- and medium-term EMAs overhead, downside pressure appears persistent. Momentum indicators are nevertheless in oversold territory: the 14-day Relative Strength Index (RSI) is around 28, while the Stochastic Oscillator (Stoch) is near 7. These readings suggest any initial rebound would be corrective as long as the pair remains below those trend levels.

Key support at $1,971 is now being tested by ETH. A break below $1,971 could send the leading altcoin towards the horizontal levels at $1,827 and $1,706.

The first upside barrier is the $2,101 horizontal level, where Wednesday's modest recovery was rejected. Beyond that, resistance lies at $2,204, followed by the 20-day EMA at $2,227 and $2,250. The 100-day and 50-day EMAs stand further above, at $2,320 and $2,334, respectively.

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