Ethereum Price Fails to Maintain Gains

Ethereum (ETH) managed to stay above the critical $1800 support zone and began a recovery similar to Bitcoin. The price briefly surged past the $1850 and $1880 resistance levels

Ethereum (ETH) attempted to recover as traders focused on setting up new lows in Bitcoin.

Ethereum Price Remains Under Pressure

After failing to maintain momentum above the $1,920 resistance zone, Ethereum’s price faced difficulties in trimming losses. Despite a slight recovery attempt from the critical $1,781 support level, the cryptocurrency encountered resistance and dropped back below the 100-hourly Simple Moving Average (SMA).

At press time, ETH is trading around $1,804, showing little change from the previous hour. The cryptocurrency is currently consolidating above the 23.6% Fibonacci retracement level, calculated from the recent swing high of $1,955 to the low of $1,781.

Next Resistance Levels

Directly ahead lies the resistance at the 38.2% Fibonacci retracement level, closely followed by the 50% level, both of which are crucial for traders to observe. A breakthrough above the 50% Fibonacci retracement level at $1,920 could open the way for a move toward the $1,950 resistance zone.

Above this level, another significant resistance is seen at the high of $1,955. If the bulls can overcome this final resistance, it might set the stage for a potential rally toward the $2,000 or even $2,050 resistance zones in the near term.

Potential Downside Risks

On the other hand, if Ethereum fails to break through the resistance at $1,865, it could set the stage for another leg down. The first support level on the downside is expected around the $1,800 mark.

If this support breaks, the first major cushion is seen at $1,780. A clear breakdown below this level could open the door for further declines toward the $1,720 support zone.

In the event of worsening bearish momentum, the next key support levels to watch will be at $1,680 and potentially $1,620.