Ethereum (ETH), the second largest cryptocurrency with a market cap of $224.8 billion, remained below the $2,000 resistance line with the recent moves.

Ethereum (ETH) also dipped below the $1,850 support zone during the decline and the price is trading at $1,865 at the time of writing. The decline found support near the $1,820 level, according to the charts. ETH price is currently consolidating losses above the $1,820 level and trading below the $1,900 and 100 hourly simple moving average. The bears are considered active near the 23.6% Fib retracement level of the recent drop from the $1,956 low to $1,820 low.

An initial resistance on the upside is near the $1,885 level and the 100 hourly simple moving average and the 50% Fib retracement level of the drop from the $1,956 high to $1,820 high. The main resistance is currently forming near the $1,900 and $1,920 levels.

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There is also a major bearish trend line forming with resistance near $1,920 on the hourly chart of ETH/USD. A clear move above the $1,920 resistance could push the price towards the $1,950 level. Analysts state that Ethereum (ETH) must surpass the $1,950 level to move into a positive zone. In the specified case, it is stated that the price can test $ 2,000.

If Ethereum fails to break above the $1,920 resistance, it could resume its bearish charts. An initial support on the downside is considered to be near the $1,820 area. The next major support is around $1,800, below which there could be more losses. In the stated case, Ethereum price could decline to the $1,760 level. Further pullbacks could open the doors for a move towards the $1,700 level.