• Against the US Dollar, the Ethereum price struggles to rise above the $1,880 resistance level.
• ETH price is currently trading below $1,860 and the 55-hour simple moving average.
• On the 4-hour chart, a significant bearish trend line is forming with resistance near $1,850 (Coinbase data feed).
• Upon breaching the $1,835 support zone, the pair could extend its decline.

Analysis of Ethereum Value

Last week, Ethereum struggled to surpass the $1,880 resistance level versus the U.S. dollar. ETH price failed multiple times to surpass the $1,880 level.

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Near $1,876 a swing high was formed, and the price began a new decline. There was a decline below the support levels of $1,860 and $1,850. There was a move below the 23.6% Fib retracement level of the upward move from the swing low of $1,800 to the high of $1,876.

The pair fell below the $1,840 support level. It is currently trading below $1,850 and the 55-hour simple moving average. On the upside, the price is currently meeting resistance near $1,850. On the 4-hour chart, a significant bearish trend line is forming with resistance near $1,850.

The next significant resistance level is near $1,880. Near the $1,900 zone is the following significant resistance. A break above the $1,880 and $1,900 resistance levels could prompt a new advance to $1,950. In the immediate future, any further gains could send the price toward the $2,000 resistance zone or even $2,050.

Near the $1,835 level is initial support on the downside. It is near to the 50% Fibonacci retracement level of the uptrend from the swing low of $1,800 to the peak of $1,876.

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The next significant support level is now near $1,800. A breach of the $1,800 support may cause the price to drop to $1,720. If the investors fail to defend the $1,720 support level, the price could fall to $1,650.

The Ethereum price is obviously trading below $1,850 and the 55 simple moving average (4 hours) according to the chart. If it breaches the $1,835 support area, the ether price could continue to decline.

Statistical indicators

4 hour MACD - The MACD for ETH/USD is currently losing momentum in the bearish region.

4 hour RSI (Relative Strength Index) – The ETH/USD RSI is currently below 50.

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Important Support Levels include $1,835, followed by the $1,800 zone.

Key ObstaclesThe amounts are $1,850 and $1,880.