Ethereum price is recovering from the $1,830 area against the US Dollar. If ETH stays below the $1,880 resistance, it is likely to extend its decline.
Ethereum is slowly moving higher from the $1,830 area.
The price is trading below $1,870 and the 100 hourly simple moving average.
There is a short term bullish ascending channel forming with support near $1,850 on the hourly chart of ETH/USD (data source from Kraken).
The pair might struggle to rise above the $1,870 and $1,880 resistance levels.
Ethereum price faces resistance
Ethereum price extended its decline and traded below $1,900. ETH even declined below the $1,850 level to move into a bearish zone, similar to Bitcoin.
A new weekly low was formed near $1,832 and the price is currently attempting a recovery wave. There was a minor uptick above the $1,850 resistance area. The price rose above the 23.6% Fib retracement level of the downward move from the $1,903 swing high to $1,832 low.
Ethereum is currently trading below $1,870 and the 100 hourly simple moving average. There is also a short term bullish ascending channel forming with support near $1,850 on the hourly chart of ETH/USD.
On the upside, an immediate resistance is near the $1,870 level and the 100 hourly simple moving average. It is close to the 50% Fibonacci retracement level of the downward move from the $1,903 swing high to $1,832 low. The first major resistance is near the $1,875 level.
The main resistance is near the $1,900 area, above which the price could move towards the $1,920 mark. If Ether rises further, it could push towards the $2,000 resistance and even $2,050 in the near term.
ETH Loses More?
If Ethereum fails to break the $1,875 resistance, it is likely to continue to decline. An initial support on the downside is near the $1,850 level and the lower trendline of the channel.
The first major support is near the $1,830 area, below which the price might move further into the bearish zone. The next major support is near the $1,780 support level. Any more losses could open the doors for a move towards the $1,720 level in the coming sessions.
