BEARISH 📉 : Ethereum struggles to break $1,950 resistance amid recovery attempts

Ethereum Price Update

  • Ethereum recently declined below $1,865.
  • The price is attempting to recover from the $1,800 zone and is trading above $1,900 and the 100-hourly Simple Moving Average.
  • A bearish trend line with resistance at $1,935 is forming on the hourly chart of ETH/USD.
  • If Ethereum remains below the $1,950 zone, it may experience a fresh decline.

Recovery Efforts

  • Ethereum failed to maintain its position above $1,880, similar to Bitcoin.
  • The price dropped below $1,850 and $1,820 but found support near $1,800.
  • A minor recovery wave started, moving above $1,900 and surpassing the 50% Fib retracement level from $1,995 to $1,793.
  • Immediate resistance levels are $1,925 and $1,950. A move above $1,965 could push the price toward $2,020 and beyond.

Ethereum Price

Potential Downside

  • If Ethereum fails to break the $1,950 resistance, it might decline again.
  • Initial support levels are $1,900 and $1,870.
  • A drop below $1,870 could lead to further declines toward $1,845 and $1,800.
  • Major support is at $1,780.

Technical Indicators

  • Hourly MACD: Gaining momentum in the bullish zone.
  • Hourly RSI: Above the 50 mark.
  • Key Support Level: $1,870
  • Key Resistance Level: $1,950