Ethereum price is struggling below the $1,840 resistance against the US dollar. ETH could fall sharply if there is a clear move below the $1,780 support.
- Ethereum is currently facing a lot of hurdles near the $1,840 resistance zone.
- The price is trading below $1,820 and the 100-hour Simple Moving Average.
- A major bearish trendline is forming with resistance near $1,825 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could start a fresh increase if it crosses the $1,825 and $1,840 resistance levels.
Ethereum price faces a tough task
Ethereum price remained in a bearish zone below the USD 1,840 zone. ETH started a fresh decline below the USD 1,800 level and it showed some bearish signs, similar to Bitcoin.
The price even fell below the $1,780 level. A low is being formed near $1,772 and the price is now correcting the losses. There was a move above the $1,800 level. The price cleared the 50% Fib retracement level of the downward move from the $1,834 swing high to the $1,772 low.
Ether is now trading above USD 1,820 and the 100-hour Simple Moving Average. A major bearish trendline is also forming with resistance near $1,825 on the ETH/USD hourly chart.
Immediate resistance is near the $1,820 level. It is close to the 61.8% Fib retracement level of the downward move from the $1,834 swing high to the $1,772 low. The next resistance is near USD 1,825 and the trendline, above which Ethereum could rise towards USD 1,820.
Source: ETHUSD at TradingView.com
If there is a move above the $1,840 resistance level, the price could start a decent rally towards the $1,920 level. Any gains above the $1,920 resistance zone could trigger a decent move towards the $2,000 resistance.
New Decline in ETH?
If Ethereum fails to clear the $1,825 resistance, it could start a fresh decline. The first support on the downside is near the $1,785 level.
The next major support is near the $1,770 zone. If there is a clear move below the $1,770 support, the price could fall sharply. In the said case, the price may decline towards the $1,720 support zone. More losses may push the price to the $1,700 level in the near term.
Technical indicators
MACD per hour – The MACD for ETH/USD is gaining strength in the bearish zone.
RSI per hour – The RSI for ETH/USD is below the 50 level.
Major Support Level – $1,770
Major resistance level – $1,825
