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The price of the main altcoin ETH $1,877.69 Ethereum -2.11% Market capitalization $226.6 billion VOL. 24 hours $0.42 billion failed to overcome the resistance zone at $ 1,860 and began another decline. Market analysts noted: ETH fell below the $ 1,850 level and moved into a bearish zone, just like bitcoin.
According to CoinMarketCap, at the time of writing, ethereum is trading at $ 1,847 with a market capitalization of $ 221.9 billion. Traders made daily trading deals worth $ 3.7 billion.
Industry experts emphasize that the nearest resistance for the main altcoin is near the $ 1,850 level. However, the first major resistance is at $ 1,860, and the next one is at $ 1,880. To enter a steady bullish trend, the cryptocurrency needs to overcome these two levels as soon as possible.
If Ethereum fails to overcome the resistance at $ 1,860, the virtual coin will continue to move downward. The initial downside support is in the range of $ 1,835.
Analysts warn that the first major support is near the $ 1,820 area. If the bulls fail to defend support at this level, ETH may fall sharply. The next important support is at $ 1,780. Any further losses could send the ethereum to the $ 1,720 level.
Technical indicators highlighted by crypto experts:
The RSI for ETH/USD is currently below 50.
The main support level is $ 1,820.
The main resistance level is $ 1,860.