Ethereum Price began another decline, falling below the $1,850 level. ETH is currently consolidating and facing important hurdles near the $1,850 level.
- Ethereum struggled to surpass the $1,980 resistance level.
- The price is a simple moving average of under $1,860 and a 100-hour trade.
- On the ETH/USD hourly wage chart (data feed via Kraken), there was a break above a resistant, durable trend line with resistance.
- The pair must complete resistance levels of $1,850 and $1,880 and start a decent increase.
Ethereum Prices Try to Recover
Ethereum prices were unable to continue beyond $2,050 and began to decline another way, like Bitcoin. ETH fell below the support levels of $1,880 and $1,850.
We tested the $1,765 zone. The lowest was formed at $1,767, and prices have recently begun a short-term recovery wave. Prices rose above $1,800 resistance. There was a move above the 23.6% FIB retracement level of the downward movement from the $2,033 Swing High to the $1,767 low.
There was also a break above the bearish trendline connecting with $1,810 resistance on the ETH/USD hourly wage chart. Ethereum prices are currently below $1,860 and are trading a simple 100-hour moving average.
The advantage is that the price appears to be facing a hurdle close to the $1,850 level. The next important resistance is close to the $1,860 level. The first major resistance is close to the $1,900 level, with 50% FIB retracement levels ranging from a swing high of $2,033 to a low of $1,767.
A clear move above the $1,900 resistance could direct the price towards a $2,000 resistance. An upward break above the $2,000 resistance could require more profits in future sessions. If stated, ether could rise towards a $2,050 resistance zone, and even $2,120.
Another reduction in ETH?
If Ethereum fails to clear the $1,850 resistance, it could begin to reduce another. The initial support for the downside is close to the $1,800 level. The first major support is near the $1,780 zone.
A clear move below the $1,780 support could push the price up to $1,765 support. Any further losses could send prices towards a support level of $1,710 in the short term. The following key support is $1,665.
Technical indicators
Timely MACD – ETH/USD’s MACD is losing momentum in the bear zone.
Hourly RSI – ETH/USD’s RSI is over 50 zones.
Key Support Levels – $1,800
Major Resistance Levels – $1,850
