Key Takeaways:
- Ether’s price is moving lower below the $1,850 support.
- ETH/USD is trading below a major bearish trend line with resistance near $1,880 on the daily chart.
- The price could decline further toward the $1,650 support zone.
NEW DELHI (CoinChapter.com) — Ethereum’s ETH is struggling to climb above $1,880 and $1,900. It could continue moving below the $1,750 and $1,720 support levels.
Ethereum (ETH) Price Remains At Risk
In the past few days, Ethereum saw range moves above the $1,750 support against the US dollar. The ETH/USD pair started a fresh decline from the $2,000 resistance.
There was a clear move below the $1,920 and $1,880 support levels. More importantly, the price settled below the $1,880 level and the 50-day simple moving average. It tested the 50% Fib retracement level of the key move from the $1,370 swing low to the $2,146 high.
It shows a few bearish signs below the 50-day simple moving average, similar to Bitcoin. Besides, it is trading below a major bearish trend line with resistance near $1,880 on the daily chart.
An Immediate hurdle on the upside is near the 50-day simple moving average at $1,880 and the trend line. The first major resistance is near the $1,940 level. If Ethereum climbs above the $1,940 resistance, a new increase is possible.
The next major resistance is near the $2,000 level. A close above the $2,000 resistance might push Ether toward the $2,150 zone. Any more gains could open the doors for a move toward $2,250.
More Downsides?
Conversely, Ethereum could fail to clear the $1,880 resistance and react to the downside. The first major support is near the $1,750 level (a multi-touch zone). The next major support is near the $1,660 zone. It coincides with the 61.8% Fib retracement level of the key move from the $1,370 swing low to the $2,146 high.
A close below the $1,660 level might set the pace for a larger decline. In the stated case, Ethereum may decline toward the $1,550 support in the coming days.
Overall, Ether’s price faces strong resistance near the $1,880 and $1,940 levels. If ETH remains below $1,880 for a long time, there is a risk of a move toward the $1,660 support. On the other hand, the price might start a fresh increase toward $2,150.
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