The price of Ethereum was unable to gather momentum to move above the $1,850 barrier level. Near the $1,850 mark, ETH established a double top pattern that has since begun to decelerate, much like bitcoin.
The support levels of $1,780 and $1,760 were breached. In the hourly chart of ETH/USD, there was also a breach below a significant bullish trend line with support close to $1,765. Even below the $1,740 support area, the pair traded.
The price of ether is currently trading beneath $1,750 as well as the 100 hourly simple moving average. The price has hit a bottom near $1,728 and is currently extending its losses.
Price encounters resistance on the upside close to the $1,755 area and the 100 hourly simple moving average. It is very close to the 23.6% Fib retracement level of the most recent slide from the swing high of $1,845 to the low of $1,728. The area around $1,780 represents the next significant resistance.
Around $1,800, or the 61.8% Fib retracement level of the most recent slide from the $1,845 swing high to $1,728 low, is the first significant resistance. Another significant surge could begin if the $1,800 resistance zone is closed above. If so, there’s a chance that the price may increase and reach the $1,880 barrier level. Price increases could get it closer to $1,920.
Ethereum may keep falling if it is unable to overcome the $1,780 resistance. The $1,730 mark provides some initial support on the downside.
The $1,695 region serves as the next significant support. The price could fall to $1,620 if there is a break below $1,695. If there are any additional losses, the $1,550 mark may need to be tested.
