Ethereum price is facing a barrier near the $1,840 resistance against the US Dollar. ETH could attempt another break to the upside if it breaks above the $1,825 and $1,840 resistance levels.
- Ethereum is currently facing a lot of barriers near the $1,840 resistance zone.
- The price is trading below $1,810 and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance near $1,805 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a decent rise if it breaks above the $1,825 and $1,840 resistance levels.
Ethereum price remained below $1,840
Ethereum price failed again to break above the $1840 and $1850 resistance levels. ETH fell below the $1800 level to remain in a similar range to Bitcoin.
However, the price was stable above the $1,785 support. A low is formed near $1,791 and the price is now consolidating losses. It is slowly moving above the 23.6% Fibonacci retracement level of the recent drop from the $1,828 high to $1,791 low.
Ether is now trading below $1,810 and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $1,805 on the hourly chart of ETH/USD.
Immediate resistance is near the trend line zone. The first major resistance is near the $1,810 level and the 100 hourly simple moving average. It is close to the 61.8% Fibonacci retracement level of the recent drop from the $1828 high to $1791 low.
Fountain: ETHUSD on TradingView.com
The next resistance lies near $1825, above which Ethereum could rally to $1840. If there is a close above the $1840 resistance level, the price could gain momentum towards the $1920 level. Further gains above the $1,920 resistance zone could initiate a steady rally towards the $2,000 resistance.
More losses in ETH?
If Ethereum fails to clear the $1,810 resistance, another slide could begin. Initial support on the downside is near the $1,785 level.
The next big support is near the $1,770 area. If there is a close below the $1,770 support, the price could gain bearish momentum. 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 losing 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