Ethereum continued its downward path after failing to hold above $1,850 and $1,840. The price dropped sharply and broke the $1,800 support level. It touched a low of $1,751 before showing a slight recovery.
The rebound faced immediate resistance at $1,780 and $1,800. Ethereum briefly rose above these levels but lacked strong bullish momentum.
The price moved past the 23.6% Fibonacci retracement level of the drop from $1,955 to $1,751. However, sellers appeared near the $1,820 zone.
Currently, Ethereum trades at $1,784 and below the 100-hourly Simple Moving Average. A short-term bearish trend line is also visible. It forms resistance near $1,810 on the ETH/USD hourly chart.
The next key resistance stands at $1,840. This level aligns with the 50% Fibonacci retracement from the $1,955 high to the $1,751 low. If bulls clear this level, the $1,880 mark becomes the next major hurdle.
A successful break above $1,880 could push Ethereum higher. The Ethereum price may then aim for the $1,920 resistance. Sustained momentum could lift ETH toward $2,000 or even $2,050 in the near term.
Such a move would require strong buying interest and clear volume support.
If Ethereum fails to break $1,850 resistance, another decline could follow. Initial support lies near $1,765. Stronger support is located at $1,750.
A drop below $1,750 may lead to a test of the $1,720 support level. Further losses could send the price toward $1,680. The final major support currently rests at $1,620.
The MACD indicator for ETH/USD is gaining strength in the bearish zone. The RSI now sits below the 50 mark, indicating weakness.
Ethereum must overcome multiple resistance levels to initiate a strong recovery. Until then, downside risks remain present in the short term.