Ethereum's price fell below the critical $1,950 mark and is now consolidating under $1,920 after breaking down from a contracting triangle pattern on the hourly chart. The move pushed ETH to a low of $1,836, and the recovery so far remains capped by the 23.6% Fibonacci retracement from the recent decline.
The breakdown in detail
The decline came after ETH/USD broke below a contracting triangle with support at $1,975 on the hourly chart. That break triggered selling that drove the price to a fresh low of $1,836. Since then, Ethereum has been consolidating below the 23.6% Fib retracement of the move from $2,003 to $1,836. It's also trading below the 100-hourly Simple Moving Average, a bearish signal for short-term momentum.
Where resistance sits
Immediate resistance is near $1,880, followed by the first key barrier at $1,900. The next major hurdle sits at $1,920, which coincides with the 50% Fib retracement of the same decline. A clear move above $1,920 could open the door toward $1,950 and eventually the $2,000/$2,020 zone. But right now, each attempt to rally has been met with selling pressure.
Bears in control — for now
The technical indicators back the bearish case. The hourly MACD is gaining momentum in the bearish zone, and the hourly RSI remains below 50. On the downside, immediate support sits at $1,840. The first major support is $1,820, with further floors at $1,780, $1,740, and $1,720. If Ethereum fails to clear $1,950, it could start a fresh decline. A decisive move below $1,820 would likely accelerate losses toward $1,780.
What could flip the script
The path of least resistance is lower, but a recovery above $1,920 would shift the outlook. That would put $1,950 back in play and, if cleared, the $2,000 handle. For now, the market is watching whether buyers can defend the $1,840 area. If that breaks, the next test will be $1,820 and then $1,780.
