Ethereum is currently consolidating, attempting a recovery above $1,950 after finding support near $1,905. The digital asset faces significant resistance around the $1,980 level and remains below its 100-hourly Simple Moving Average.
A bearish trend line on the hourly chart forms resistance at $1,985. A sustained move below the $2,000 zone could trigger further declines.
Immediate resistance lies at $1,970, followed by the key $1,985 level and a bearish trend line. A decisive break above $2,000 could propel Ethereum towards $2,050 and potentially $2,120 or $2,150.
Conversely, failure to overcome the $1,985 resistance may lead to a fresh downturn. Initial support is observed at $1,935, with a more significant level at $1,905. A breach below $1,905 could send ETH towards $1,880 and potentially $1,840 or the main support at $1,820.
Technical indicators show the MACD losing momentum in the bullish zone, while the RSI is above 50.