Ethereum's price failed to break above $1,900 today, mirroring Bitcoin's downward trend. Currently trading at $1,864.90, ETH has entered a bearish zone.
The cryptocurrency experienced a low of $1,848 before a minor recovery. While it briefly surpassed $1,865, it could not sustain the level and remains below the 23.6% Fibonacci retracement of its recent decline.
Bulls attempting to push the price above $1,850 will encounter immediate resistance around $1,880. The primary resistance lies at $1,920, coinciding with the 50% Fibonacci retracement.
Further resistance is expected at $1,950, a level also marked by a bearish trendline on the hourly chart. A decisive move above $1,950 could propel Ethereum towards the $2,000 mark, potentially leading to further gains towards $2,050 or $2,120.
Conversely, a slip below the $1,920 resistance could trigger a fresh decline. Initial support is observed at $1,850, with a more significant level at $1,825. A break below $1,825 could send the price towards $1,780, with major support potentially found around $1,720.