#Ethereum faced difficulties in surpassing the resistance area at $1,860, resulting in a new downward movement. The price of #ETH established itself beneath the $1,850 mark, entering a bearish territory reminiscent of #Bitcoin’s performance.
On the hourly chart of ETH, a breach occurred below a brief ascending channel, which had support of around $1,845. This caused the pair to test the $1,830 range, forming a bottom around $1,833. The price is striving for a rebound, experiencing a recovery attempt that led it to move past the $1,840 threshold.
The price went up more than a quarter of the way back from its recent drop, between the highest point of around $1,860 and the lowest point of about $1,833. But now, Ethereum’s price is lower than $1,850, and the line on the chart shows the average price over the past 100 hours.
Looking on the positive side, there’s a hurdle close to the $1,850 mark. This is roughly halfway between the highest at around $1,860 and the lowest at about $1,833. The main barrier comes at the first important point, around $1,860. After that, the next significant challenge awaits near $1,880.
If the price surpasses the $1,880 level, it could pave the way for a movement towards the $1,920 mark. Further value increases could propel the price even higher, possibly crossing the significant barrier at $2,000. If this milestone is achieved, there’s potential for an upward trajectory toward the $2,040 threshold, potentially even reaching the $2,120 level.