Ethereum Price Eyes $1,950 Breakout After Rebound From $1,800

• A bearish trend line can also be witnessed forming with resistance at $1,935 on the hourly chart of ETH/USD.
• Any move below the $1,870 support may take the price toward the $1,845 support.

The Ethereum price showed a fresh decline down to $1,865, and it is now recovering losses from $1,800 and might fight to recover above $1,925 or $1,950. The price of ETH did not manage to stay over $1,880 and initiated a fresh decline, similar to Bitcoin. 

The price traded below the $1,850 and $1,820 levels and entered a bearish zone. Eventually, the bulls appeared around $1,800. A low was made at $1,793, and the price initiated a minor recovery wave. 

There was a move surpassing the $1,900 level and the 50% Fib retracement level of the downward move from the $1,995 swing high to the $1,793 low. The ETH price is now hovering above $1,900 and the 100-hourly Simple Moving Average. 

If the bulls sustain their action over $1,880, the price could try one more surge. Quick resistance is witnessed around the $1,925 level. The first prominent resistance can be witnessed around the $1,950 level and the 76.4% Fib retracement level of the downward move from the $1,995 swing high to the $1,793 low. 

The Major Support 

A bearish trend line can also be witnessed forming with resistance at $1,935 on the hourly chart of ETH/USD. The upcoming major resistance is around the $1,965 level. If the action surpasses the $1,965 resistance, then it may push the price toward the $2,020 resistance. An upside break over the $2,020 region might captivate further gains in the near future. 

If ETH is not able to cross the $1,950 resistance, it could witness a fresh decline. The starting support on the downside is around the $1,900 level. The first prominent support is around the $1,870 zone. 

Any move below the $1,870 support may take the price toward the $1,845 support. Any further losses may take the price towards the $1,800 zone. The major support is said to be $1,780. 

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