Ethereum price is struggling below the $1,840 resistance against the US Dollar. ETH could decline 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 hourly simple moving average.
- A major downtrend line is forming with resistance near $1,825 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh rise if it breaks above the $1,825 and $1,840 resistance levels.
Ethereum price faces an uphill task
Ethereum price remained in a bearish zone below the $1840 zone. ETH started a further decline below the $1800 level and showed some bearish signs, similar to Bitcoin.
The price even dipped below the $1,780 level. A low is formed near $1,772 and the price is now correcting losses. There was a move above the $1,800 level. Price broke above the 50% Fib retracement level of the move down from the $1,834 high to $1,772 low.
Ether is now trading above $1,820 and the 100 hourly simple moving average. There is also a major downtrend line forming with resistance near $1,825 on the hourly chart of ETH/USD.
Immediate resistance is near the $1,820 level. It is near the 61.8% Fib retracement level of the move down from the $1,834 high to $1,772 low. The next resistance is near $1,825 and the trend line, above which Ethereum could rally to $1,820.
Fountain: ETHUSD on TradingView.com
If there is a move above the $1840 resistance level, the price could start a decent rally towards the $1920 level. More gains above the $1,920 resistance zone could initiate a decent rally towards the $2,000 resistance.
New drop in ETH?
If Ethereum fails to clear the resistance at $1,825, another slide could begin. Initial support on the downside is near the $1,785 level.
The next big support is near the $1,770 zone. If there is a clear move below the $1,770 support, the price could drop sharply. In the indicated case, the price could fall towards the support zone of $1,720. Any further losses could send the price looking towards the $1,700 level in the near term.
technical indicators
MACD per hour – The MACD for ETH/USD is gaining momentum in the bearish zone.
RSI per hour – The RSI for ETH/USD is below the 50 level.
Major Support Level: $1,770
Highest Resistance Level: $1,825
