Ethereum Price Faces a Tough Test—Can It Clear the Hurdle?

Ethereum price started another decline and traded below the $1,850 level. ETH is now consolidating and facing key hurdles near the $1,850 level.

• Ethereum struggled to continue higher above the $1,980 resistance level.
• The price is trading below $1,860 and the 100-hourly Simple Moving Average.
• There was a break above a connecting bearish trend line with resistance at $1,810 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair must clear the $1,850 and $1,880 resistance levels to start a decent increase.

Ethereum Price Attempts Recovery

Ethereum price failed to continue higher above $2,050 and started another decline, like Bitcoin. ETH declined below the $1,880 and $1,850 support levels.

It tested the $1,765 zone. A low was formed at $1,767 and the price recently started a short-term recovery wave. The price climbed above the $1,800 resistance. There was a move above the 23.6% Fib retracement level of the downward move from the $2,033 swing high to the $1,767 low.

There was also a break above a connecting bearish trend line with resistance at $1,810 on the hourly chart of ETH/USD. Ethereum price is now trading below $1,860 and the 100-hourly Simple Moving Average.

On the upside, the price seems to be facing hurdles near the $1,850 level. The next key resistance is near the $1,860 level. The first major resistance is near the $1,900 level and the 50% Fib retracement level of the downward move from the $2,033 swing high to the $1,767 low.

A clear move above the $1,900 resistance might send the price toward the $2,000 resistance. An upside break above the $2,000 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,050 resistance zone or even $2,120 in the near term.

Another Decline In ETH?

If Ethereum fails to clear the $1,850 resistance, it could start another decline. Initial support on the downside is near the $1,800 level. The first major support sits near the $1,780 zone.

A clear move below the $1,780 support might push the price toward the $1,765 support. Any more losses might send the price toward the $1,710 support level in the near term. The next key support sits at $1,665.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level – $1,800

Major Resistance Level – $1,850