Ethereum Price Declines Below $1,880 Amid Bearish Trend
Ethereum price has declined below $1,880 and is consolidating, facing risks of further losses.
- ETH struggled to stay above the $2,000 resistance level.
- Current trading is below $1,880 and the 100-hourly Simple Moving Average.
- A bearish trend line has formed with resistance at $1,820.
- To initiate a significant increase, ETH must clear $1,820 and $1,880 resistance levels.
Current Market Situation
Ethereum failed to surpass $2,100, declining below support levels of $1,920 and $1,880. A low of $1,767 was recorded after testing the $1,765 zone.
Despite a brief recovery above $1,800, ETH remains under the 23.6% Fib retracement level from its recent decline.
Resistance and Support Levels
The price faces hurdles near $1,820, with additional resistance around $1,880 and the 50% Fib retracement level. The first major resistance is located at $1,920.
A move above $1,920 may lead toward $2,000, with potential gains targeting $2,050 or $2,120.
If ETH fails to overcome $1,880, it may see declines towards initial support near $1,780 and major support at $1,765.
A drop below $1,765 could push the price toward $1,720, with further losses potentially reaching $1,680 or $1,650.
Technical Indicators
Hourly MACD indicates loss of momentum in the bearish zone.
Hourly RSI is currently below the 50 threshold.
Major support level is at $1,765.
Major resistance level is at $1,880.