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Ethereum price is struggling below the $1,840 resistance against the US Dollar. If there is a clear move below the $1,780 support, ETH could decline significantly.
- Ethereum is currently facing a lot of hurdles near the $1,840 resistance area.
- The price is trading below the $1,820 level and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $1,825 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase if it overcomes the $1,825 and $1,840 resistance levels.
Ethereum price faces uphill task
Ethereum price remained in a bearish zone below the $1,840 area. ETH started a fresh decline below the $1,800 level and showing some bearish signs similar to bitcoin.
The price declined even below the $1,780 level. A low was formed near $1,772 and the price is now correcting losses. There was a move above the $1,800 level. The price cleared the 50% Fibonacci retracement level of the downside move from the $1,834 swing high to $1,772 low.
Ether is now trading above $1,820 and the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance near $1,825 on the hourly chart of ETH/USD.
An immediate resistance is near the $1,820 level. It is close to the 61.8% Fib retracement level of the decline from the $1,834 high to $1,772 low. The next resistance is near the $1,825 and trend line, above which Ethereum could move higher towards $1,820.
Source: ETHUSD on TradingView.com
If there is a move above the $1,840 resistance, the price could start a decent increase towards the $1,920 level. Any further gains above the $1,920 resistance area could start a decent move towards the $2,000 resistance.
Fresh decline in ETH?
If Ethereum fails to overcome the $1,825 resistance, it could start another decline. On the downside, an initial support is near the $1,785 level.
The next major support is near the $1,770 area. If there is a clear move below the $1,770 support, the price is likely to decline sharply. In the mentioned case, the price could decline towards the $1,720 support area. Any further losses in the near future could take the price towards the $1,700 level.
technical indicators
hourly macd , The MACD for ETH/USD is gaining momentum in the bearish zone.
hourly rsi , The RSI for ETH/USD is well below the 50 level.
Key Support Level – $1,770
Key Resistance Level – $1,825
