Ethereum price struggled to maintain stability above the $2,000 mark and has initiated a new downward trend, similar to Bitcoin. ETH price has fallen below the $1,980 and $1,950 thresholds. There was a breakdown beneath a contracting triangle, with support identified at $1,975 on the hourly chart of ETH/USD. The price even dipped below $1,920. A low was established at $1,836, and the price is currently consolidating losses significantly beneath the 23.6% Fibonacci retracement level of the decline from the $2,003 swing high to the $1,836 low.
Ethereum price is currently trading under $1,950 and has fallen below the 100-hourly Simple Moving Average. If the bulls continue to show strength above $1,840, the price may make another push upward. Immediate resistance is observed around the $1,880 mark. The first key resistance is situated around the $1,900 level. The next significant resistance is positioned around the $1,920 mark, coinciding with the 50% Fibonacci retracement level of the decline from the $2,003 swing high to the $1,836 low. A decisive breakthrough above the $1,920 resistance could propel the price toward the $1,950 resistance level. An upside break above the $1,950 region could signal potential for further gains in the days ahead.
In the current scenario, Ether may surge towards the $2,000 resistance level or potentially reach $2,020 in the short term. If Ethereum fails to clear the $1,950 resistance, it may initiate a new downward trend. Initial support on the downside is positioned around the $1,840 mark. The first major support is positioned around the $1,820 zone. A decisive drop beneath the $1,820 support level could drive the price down to the $1,780 support zone. Further losses could push the price down to the $1,740 area. The primary support level appears to be $1,720.