Ethereum price struggled to hold above $1,840 and initiated a new downward trend, mirroring Bitcoin’s movement. ETH price has fallen below the $1,800 and $1,780 thresholds. The price even dipped below $1,750. A low was established at $1,715, and the price is currently consolidating losses significantly beneath the 23.6% Fibonacci retracement level of the decline from the $1,888 swing high to the $1,715 low. There is also a bearish trend line forming with resistance at $1,750 on the hourly chart of ETH/USD.
Ethereum price is currently trading under $1,750 and below the 100-hourly Simple Moving Average. If the bulls continue to show strength above $1,700, we could see the price making another move upward. Immediate resistance is observed around the $1,750 mark. The initial significant resistance is located around the $1,800 mark, coinciding with the 50% Fibonacci retracement level of the decline from the $1,888 swing high to the $1,715 low. The next significant resistance is positioned around the $1,820 mark. A decisive breakthrough above the $1,820 resistance level could propel the price towards the $1,880 resistance mark. An upside break above the $1,880 region could signal potential for further gains in the days ahead.
In the current scenario, Ether has the potential to ascend towards the $1,920 resistance zone or possibly reach $1,965 in the short term. If Ethereum fails to clear the $1,880 resistance, it may initiate a new downward trend. Initial support on the downside is positioned around the $1,715 mark. The first major support is positioned around the $1,680 zone. A decisive drop beneath the $1,680 support level could drive the price down to the $1,650 support zone. Further losses could push the price down to the $1,625 area. The primary support level appears to be $1,600.