Ethereum price started another decline and traded below the $1,850 level. ETH is now consolidating and facing key hurdles near the $1,850 level.
- Ethereum struggled to continue higher above the $1,980 resistance level.
- The price is trading below $1,860 and the 100-hourly Simple Moving Average.
- There was a break above a connecting bearish trend line with resistance at $1,810 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must clear the $1,850 and $1,880 resistance levels to start a decent increase.
Ethereum Price Attempts Recovery
Ethereum price failed to continue higher above $2,050 and started another decline, similar to Bitcoin. ETH declined below the $1,880 and $1,850 support levels.
It tested the $1,765 zone. A low was formed at $1,767 and the price recently started a short-term recovery wave. The price climbed above the $1,800 resistance level, marking a move above the 23.6% Fibonacci retracement level of the downward move from the $2,033 swing high to the $1,767 low.
Accompanying this recovery, there was a break above a connecting bearish trend line with resistance at $1,810 on the hourly chart of ETH/USD. Currently, Ethereum price is trading below $1,860 and the 100-hourly Simple Moving Average.
On the upside, the price seems to be encountering significant hurdles near the $1,850 level, with the next key resistance positioned near $1,860. The first major resistance is around the $1,900 mark, alongside the 50% Fibonacci retracement level of the aforementioned downward movement.
Should the price achieve a clear move above the $1,900 resistance, it may gain significant traction toward the $2,000 resistance. A decisive breakthrough above this level could pave the way for further increases, potentially driving Ether toward the $2,050 resistance zone or even reaching $2,120 in the near term.
Another Decline In ETH?
On the contrary, if Ethereum fails to breach the $1,850 resistance, it could prompt another decline. Initial downside support rests near the $1,800 level, with the first major support close to the $1,780 zone.
A clear move below the $1,780 support could push the price down toward the $1,765 support level. Further losses might lead to a test of the $1,710 support level in the near term, with the next key support sitting at $1,665.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is currently losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone, suggesting potential upward movement.
Major Support Level – $1,800
Major Resistance Level – $1,850
