Ethereum Slides Below ₱108,401 ($1,880) as Bulls Struggle at ₱110,708 ($1,920)
After failing to break past $1,920 resistance, Ethereum briefly touched $1,811 before buyers defended the level. The recovery stalled below the 23.6% Fibonacci retracement, leaving ETH trading below its 100-hourly moving average.
Key Takeaway
ETH needs to reclaim $1,920 to shift momentum, otherwise support at $1,810 remains in play.
Ethereum dropped below $1,880 after failing to break past the $1,920 resistance zone on Monday.
The decline came after ETH couldn't hold above $1,900, triggering a slide through $1,860. Bulls appeared near $1,810 and pushed the price back above $1,840, but the recovery stalled below the 23.6% Fibonacci retracement level. That level, measured from the $1,995 swing high to the $1,811 low, sits just above current prices. ETH is also trading below its 100-hourly simple moving average, which adds another layer of resistance overhead.
The hourly MACD is gaining momentum in the bearish zone. The RSI sits below 50, confirming the downward pressure. A bearish trend line is forming with resistance at $1,920 on the hourly chart, making any upside attempt face multiple barriers.
Immediate resistance sits at $1,870, with the first real test at $1,900. If ETH clears that level, it could reach $1,920, where the trend line and prior rejection zone converge. Breaking $1,920 would open the door to $1,965 and potentially $2,000, with an extended target at $2,020.
On the downside, initial support appears at $1,835, followed by stronger support at $1,820. Below that, the next cushions sit at $1,780 and $1,740. The main support level stands at $1,720, which would represent a deeper retracement from the recent bounce off $1,811. According to Kraken's ETH/USD pair, the price is consolidating near $1,840 after the brief dip to $1,811.
This article was written based on reporting from NewsBTC.
