Ethereum price is struggling below the $1,840 resistance against the US dollar. ETH could face bearish moves if there is a break below the USD 1,800 support.
- Ethereum is currently facing a strong barrier near the $1,850 resistance zone.
- The price is trading below $1,820 and the 100-hour Simple Moving Average.
- A major ascending channel is forming with support near $1,800 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could start a steady decline if there is a clear move below the USD 1,800 support.
Ethereum price faces a tough task
Ethereum price started a decent upward move from the $1,750 support zone. ETH climbed higher above the $1,800 and $1,820 resistance levels, similar to Bitcoin.
However, the bears were active near the $1,840 and $1,850 resistance levels. A high is formed near $1,847 and the price is now moving lower. There was a decline below the $1,825 and $1,820 levels. The price fell below the 50% Fib retracement level of the upward move from the $1,785 swing low to the $1,847 high.
Ether price is now trading below $1,820 and the 100-hour Simple Moving Average. A major ascending channel is also forming with support near $1,800 on the ETH/USD hourly chart.
Source: ETHUSD at TradingView.com
Immediate resistance is near the $1,820 level or the 100 hourly SMA. The next resistance is near USD 1,850, above which Ethereum could gain bullish momentum and rise towards USD 1,920. If there is a move above the $1,920 resistance level, the price may rise towards the $2,000 level. Any gains above the $2,000 resistance zone could trigger a decent move towards the $2,050 resistance.
Lose more in ETH?
If Ethereum fails to clear the $1,850 resistance, it could drop further. Initial support on the downside is near the $1,800 level and the 76.4% Fib retracement level of the upward move from the $1,785 swing low to the $1,847 high.
The next major support is near the $1,790 zone. If there is a clear move below the $1,790 support, the price could gain bearish momentum. In the said case, the price may decline towards the $1,740 support zone. More losses may push the price to the $1,650 level in the near term.
Technical indicators
MACD per hour – The MACD for ETH/USD is slowly gaining momentum in the bearish zone.
RSI per hour – The RSI for ETH/USD is below the 50 level.
Major Support Level – $1,800
Major resistance level – $1,850