
Ethereum (ETH) briefly dropped below $2,000, down 3% on Thursday following selloffs in AI-related equities after chipmaker Nvidia's (NVDA) Jensen Huang resigned as CEO, President and member of the Board of Directors.
The decision comes after reports alleged that Huang had another affair with the company's Vice President of Healthcare Kimberly Powell. Prior to the report, Huang had been under intense scrutiny for affirming that he had an affair with a Chinese executive by the name Huang Le, whom U.S. officials deemed a Chinese intelligence asset.

Following Huang's resignation, several AI-related neocloud stocks initially fell heavily, with Nvidia, Nebius (NBIS), CoreWeave (CRWV) and Iren (IREN) briefly declining by 10%, 21%, 14% and 9%, respectively, before seeing a slight recovery.
The decline spilled into cryptocurrencies, which have shown increasing positive correlation with AI stocks over the past months. The global crypto market cap has fallen by 5.7% over the past 24 hours.
Ethereum has slipped below $2,000, down 3% at the time of writing. The move has triggered $126.7 million in liquidations over the past 24 hours, driven by $103.9 million in liquidated long positions, per Coinglass data.
Meanwhile, investors are also rotating from US spot ETH exchange-traded funds (ETFs), which recorded $144.8 million in net outflows on Wednesday, according to SoSoValue data. The products have only seen one day of inflow since the beginning of November.
A similar trend is evident in the Coinbase Premium Index, a measure of US sentiment. The metric has been in negative territory since early September, reflecting dominant selling pressure from US-based investors.

ETH trades at $2,016, extending a bearish phase as it holds well below the 20-, 50- and 100-day Exponential Moving Averages (EMAs) clustered between roughly $2,220 and $2,330. This alignment of short- and medium-term EMAs above price suggests persistent downside pressure, even as momentum enters oversold territory, with the 14-day Relative Strength Index (RSI) around 28 and the Stochastic Oscillator (Stoch) near 7, hinting that any rebound would initially be corrective while the pair remains capped by these overhead trend levels.
On the downside, ETH is testing the $1,971 key support level. The top altcoin could fall to the $1,827 and $1,706 horizontal levels if it breaks under $1,971.
On the upside, initial resistance is at the $2,101 horizontal level, which pushed back a mild recovery on Wednesday. Further up are the $2,204 hurdle, the 20-day EMA at $2,227 and then $2,250 before the 100-day and 50-day EMAs at $2,320 and $2,334.
(The technical analysis of this story was written with the help of an AI tool. Know more.)