Ethereum price attempted a recovery wave above the $1,820 level but failed. ETH is now consolidating losses and might face resistance near the $1,840 zone.

• Ethereum failed to stay above the $1,850 and $1,840 levels.
• The price is trading below $1,840 and the 100-hourly Simple Moving Average.
• There is a short-term bearish trend line forming with resistance at $1,810 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair must clear the $1,820 and $1,840 resistance levels to start a decent increase.

Ethereum Price Dips Further

Ethereum price failed to stay above the $1,800 support zone and extended losses, like Bitcoin. ETH traded as low as $1,751 and recently corrected some gains. There was a move above the $1,780 and $1,800 resistance levels.

The bulls even pushed the price above the 23.6% Fib retracement level of the downward move from the $1,955 swing high to the $1,751 low. However, the bears are active near the $1,820 zone. The price is now consolidating and facing many hurdles.

Ethereum price is now trading below $1,820 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $1,810 level. There is also a short-term bearish trend line forming with resistance at $1,810 on the hourly chart of ETH/USD.

The next key resistance is near the $1,840 level or the 50% Fib retracement level of the downward move from the $1,955 swing high to the $1,751 low at $1,850. The first major resistance is near the $1,880 level.

A clear move above the $1,880 resistance might send the price toward the $1,920 resistance. An upside break above the $1,920 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,000 resistance zone or even $2,050 in the near term.

Another Decline In ETH?

If Ethereum fails to clear the $1,850 resistance, it could start another decline. Initial support on the downside is near the $1,765 level. The first major support sits near the $1,750 zone.

A clear move below the $1,750 support might push the price toward the $1,720 support. Any more losses might send the price toward the $1,680 support level in the near term. The next key support sits at $1,620.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 zone.

Major Support Level – $1,750

Major Resistance Level – $1,850

Bitcoin price started a recovery wave from the $81,200 zone. BTC is consolidating losses and facing hurdles near the $83,500 resistance level.

• Bitcoin started a decent recovery wave above the $82,200 zone.
• The price is trading below $83,200 and the 100 hourly Simple moving average.
• There is a connecting bearish trend line forming with resistance at $83,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start another increase if it clears the $83,500 zone.

Bitcoin Price Faces Resistance

Bitcoin price extended losses below the $82,500 support zone and tested the $81,200 zone. BTC formed a base and recently started a decent recovery wave above the $82,200 resistance zone.

The bulls were able to push the price above the $82,500 and $83,000 resistance levels. The price even tested the 23.6% Fib retracement level of the recent decline from the $89,042 swing high to the $81,177 low. However, the price is struggling to continue higher.

Bitcoin price is now trading below $83,500 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $83,200 level. The first key resistance is near the $83,500 level. There is also a connecting bearish trend line forming with resistance at $83,500 on the hourly chart of the BTC/USD pair.

The next key resistance could be $84,500. A close above the $84,500 resistance might send the price further higher. In the stated case, the price could rise and test the $85,500 resistance level. Any more gains might send the price toward the $86,000 level or 61.8% Fib retracement level of the recent decline from the $89,042 swing high to the $81,177 low.

Another Decline In BTC?

If Bitcoin fails to rise above the $83,500 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $82,200 level. The first major support is near the $81,200 level.

The next support is now near the $80,500 zone. Any more losses might send the price toward the $80,000 support in the near term. The main support sits at $78,800.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $82,200, followed by $81,200.

Major Resistance Levels – $83,500 and $85,000.