"Ethereum price slips below $1,880, struggles to rebound due to a fresh decline below $1,920. ETH currently trades below key levels, with immediate resista
Title: Ethereum Price Slips Below $1,880, Struggles to Recover
Lead:
Ethereum (ETH) has initiated a fresh decline below the $1,880 level, consolidating losses and potentially facing challenges in recovering above this mark.
Summary:
- Ethereum price has fallen below $1,880 and is currently struggling to rebound.
- The cryptocurrency has failed to hold above the $1,920 threshold, triggering a fresh decline.
- ETH is trading below the 100-hourly Simple Moving Average and a bearish trend line with resistance at $1,920.
Key Notes:
- Ethereum price has declined below $1,880 and $1,860 levels, entering a bearish zone.
- The bulls emerged near $1,810, forming a low at $1,811, but the recovery has been limited.
- ETH's current position is below the 23.6% Fib retracement level of the downward move from $1,995 to $1,811.
- Immediate resistance for Ethereum price is near the $1,870 level, with the first key resistance at $1,900 and the 50% Fib retracement level.
- The next major resistance is at $1,920, where a bearish trend line is forming.
- A clear move above the $1,920 resistance could lead to further gains toward $1,965 and potentially $2,000 or $2,020.
Support Levels:
- Initial support: $1,835
- First major support: $1,820
- Key Support: $1,780
- Secondary Support: $1,740
- Major Support: $1,720
Technical Indicators:
- Hourly MACD for ETH/USD is gaining momentum in the bearish zone.
- Hourly RSI for ETH/USD has dropped below the 50 zone.
Source: Read Original Article
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