Ethereum price faces resistance around $1,861
Ethereum price rallied 11.19% on Tuesday and closed above the $1,700 resistance level. It continued its gains the next day, reaching a high of $1,834, but failed to close above its daily resistance level at $1,861. ETH declined slightly on Thursday. At the time of writing on Friday, it continues to trade down around $1,750.
If ETH continues to face a pullback and closes below $1,700, it could extend the losses to retest its next daily support at $1,449.
The RSI on the daily chart stands at 52 and points downward toward its neutral level of 50, indicating fading bullish momentum. If the RSI falls below its neutral level of 50, Ethereum’s price could experience a sharp decline.
On the other hand, if ETH finds support around $1,700, it could extend the rally to retest its daily resistance at $1,861
