Ethereum Price Consolidates Below $1,850 Facing Key Resistance Levels
Ethereum price is in decline, trading below $1,850 and facing resistance at this level.
- ETH struggled to surpass $1,980 resistance.
- Current trading is below $1,860 and the 100-hourly Simple Moving Average.
- A break occurred above a bearish trend line at $1,810 on the hourly chart of ETH/USD.
- To initiate a recovery, ETH must overcome $1,850 and $1,880 resistance levels.
Price Movements
After failing to maintain above $2,050, Ethereum declined below key support levels of $1,880 and $1,850, reaching a low of $1,767. A minor recovery took place above $1,800, breaking the 23.6% Fib retracement from the recent downward move.
Despite this recovery, ETH remains below $1,860 and continues to face resistance around the $1,850 mark. The next significant resistance is near $1,900, with potential upward movement toward $2,000 if breached.
Potential for Further Decline
If Ethereum does not break the $1,850 resistance, it may decline further. Initial support is at $1,800, followed by $1,780. A drop below $1,780 could lead to testing the $1,765 support, with further losses potentially reaching $1,710 or $1,665.
Technical Indicators
Hourly MACD indicates declining momentum in the bearish zone. RSI is above 50.
- Major Support Level – $1,800
- Major Resistance Level – $1,850