Ethereum Price attempted to recover waves above the $1,820 level, but failed. ETH is currently consolidating losses and could face resistance near the $1,840 zone.
- Ethereum failed to surpass the $1,850 and $1,840 levels.
- The price is below $1,840 and trades a simple 100-hour moving average.
- The ETH/USD hourly wage chart (data feed via Kraken) forms a short-term bearish trend line with resistance formed at $1,810.
- The pair must complete resistance levels of $1,820 and $1,840 and start a decent increase.
Ethereum prices drop even further
Ethereum prices didn’t exceed the $1,800 support zone and extended loss, like Bitcoin. ETH has traded as low as $1,751 and has recently corrected some profits. There was a move above the $1,780 and $1,800 resistance levels.
The Bulls have pushed up the price above the 23.6% FIB retracement level of the downward movement from a swing high of $1,955 to a low of $1,751. However, the bear is active near the $1,820 zone. Prices are currently facing many hurdles consolidated.
Ethereum prices are currently below $1,820 and are trading a simple 100-hour moving average. The advantage is that the price appears to be facing a hurdle close to the $1,810 level. There is also a short-term bearish trend line formed with $1,810 in resistance on the ETH/USD hourly wage chart.
The next important resistance is a 50% FIB retracement level from $1,955 Swing High to $1,751, close to a $1,850 level or a 50% FIB retracement level. The first major resistance is close to the $1,880 level.
A clear move above the $1,880 resistance could potentially send the price towards a $1,920 resistance. A rise break above $1,920 resistance could require more profits in upcoming sessions. If stated, ether could rise towards a $2,000 resistance zone, and even $2,050.
Another reduction in ETH?
If Ethereum fails to clear the $1,850 resistance, it could begin to reduce another. The initial support for the downside is close to the $1,765 level. The first major support is near the $1,750 zone.
A clear move below $1,750 support could push the price up to $1,720 support. Any further losses could send prices towards a support level of $1,680 in the short term. The following key support is $1,620:
Technical indicators
Timely MACD – ETH/USD’s MACD is gaining momentum in the bear zone.
Hourly RSI – ETH/USD’s RSI is below 50 zone.
Key Support Levels – $1,750
Major Resistance Levels – $1,850
