The price of Ethereum continued to oscillate between resistance levels of $1940-1925 and support levels of $1825.
The decline between resistance and support levels was sharp, with brief support and a break at the key bullish trend line near $1895 on hourly charts.
Ethereum has formed a low below $1,880 and the 100-hourly Simple Moving Average. The Fib retracement level of 23.6% is closest to the resistance level of $1,850, with $1939 serving as the peak line. The $1900 level coincides with the 50% Fib retracement line. This is also where 100-hourly Simple Moving Average indicates that the new resistance level will be. The presented analysis indicates that Ethereum may reach the $2000 resistance level if its price continues to increase.
However, if Ethereum fails to clear the $1900 resistance line then it might slide down to the next support line at $1825. If it fails to find support on this line the next support zone is at $1,740.
The breakout or breakdown at the $1900 resistance level remains to be seen.
