Ether has seen an extreme drop in its price, falling below $1,920 against the US Dollar. The bears have been able to push past a major support level around the $1,880, forming a low at $1,827. Currently, Ether is trading at a support level near $1,920 as shown by the 100-hourly Simple Moving Average.

The technical indicators suggest an imminent rally, subject to an upside break above the $1,920 resistance. Upwards movement could set Ethereum on course to reach $1,975 or the 50% Fib retracement level of the main drop from the $2,125 swing high to the $1,827 low.

However, in the event that Ethereum fails to pass the $1,920 mark, it may be headed for further holds with initial support near the $1,840 level and subsequent major support near the $1,820 zone or its recent low. A breach of this level might push Ethereum price towards $1,765 or as far down as $1,700.

In order for Ethereum to be able to climb past the $2,080 resistance, bulls need to put in significant effort and work around any further losses. It remains to be seen whether Ether will break out of this downwards spiral and rise back to its former glory or if it will remain confined to the headwinds of the bear market.



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