Ethereum price struggled to hold steady above $1,880 and initiated a new downward trend, similar to Bitcoin. ETH price has fallen below the $1,840 and $1,820 thresholds. The price even dipped below $1,800. A low was established at $1,716, and the price is currently consolidating losses significantly beneath the 23.6% Fibonacci retracement level of the decline from the $1,889 swing high to the $1,716 low. There is a bearish trend line taking shape, presenting resistance at $1,800 on the hourly chart of ETH/USD. Ethereum price is currently trading under $1,800 and below the 100-hourly Simple Moving Average. If the bulls continue to maintain momentum above $1,720, the price may make another attempt at an increase. Immediate resistance is observed around the $1,780 mark.
The first key resistance is situated around the $1,800 mark, coinciding with the 50% Fibonacci retracement level of the decline from the $1,889 swing high to the $1,716 low. The next major resistance is positioned around the $1,820 level. A decisive breakout above the $1,820 resistance could propel the price toward the $1,850 resistance level. An upside break above the $1,850 region could signal potential gains in the days ahead. In the current scenario, Ether has the potential to ascend towards the $1,880 resistance zone or possibly reach $1,920 in the short term.
If Ethereum fails to clear the $1,850 resistance, it may initiate a new downward trend. Initial support on the downside is positioned around the $1,720 mark. The first major support is positioned around the $1,700 zone. A decisive drop beneath the $1,700 support level could drive the price down to the $1,665 support zone. Further losses could push the price down to the $1,640 area. The primary support level appears to be $1,620.