Ethereum extended decline below the $1,850 support zone. It even spiked below the $1,800 before the bulls appeared near the $1,760 zone.
A low was formed near $1,762 and the price started a recovery wave. The price climbed above the $1,800 resistance level. Ether price even moved above the 23.6% Fib retracement level of the downward move from the $2,015 swing high to $1,762 low.
However, the bears are currently protecting more gains above the $1,850 level. It is also trading below $1,880 and the 100 hourly simple moving average.
On the upside, an initial resistance is near the $1,860 level and the 100 hourly simple moving average. The next major resistance is near the $1,880 zone. It is near the 50% Fib retracement level of the downward move from the $2,015 swing high to $1,762 low.
There is also a major bearish trend line forming with resistance near $1,905 on the hourly chart of ETH/USD. A clear move above the trend line and the $1,920 resistance might start a decent increase. In the stated case, the price could revisit $2,000, above which it could test $2,050. According to Crypto Hot News, if Ethereum fails to break above the $1,920 resistance, it could start another decline.
The next major support is near the $1,760 level. A clear move below the $1,760 level might spark a major decline. The next major support might be $1,720. Any more losses could send the price towards the $1,650 level in the near term.
Source: Coin Newss