Ethereum price is facing a barrier near the $1,840 resistance against the US dollar. ETH could attempt another upside break if it clears the $1,825 and $1,840 resistance levels.
- Ethereum is currently facing many barriers near the $1,840 resistance zone.
- The price is trading below $1,810 and the 100-hour Simple Moving Average.
- A major bearish trendline is forming with resistance near $1,805 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could start a decent rise if it crosses the $1,825 and $1,840 resistance levels.
Ethereum price stalled below $1,840
Ethereum price failed to clear the $1,840 and $1,850 resistance levels another time. ETH fell below the USD 1,800 level to stay in a range similar to Bitcoin.
However, the price held steady above the $1,785 support. A low is formed near $1,791 and the price is now consolidating losses. It is slowly moving higher above the 23.6% Fib retracement level from its recent fall from the $1,828 swing high to the $1,791 low.
Ether is now trading below $1,810 and the 100-hour Simple Moving Average. A major bearish trendline is also forming with resistance near $1,805 on the ETH/USD hourly chart.
Immediate resistance is located near the trendline zone. The first major resistance is near the $1,810 level and the 100-hour Simple Moving Average. It is close to the 61.8% Fib retracement level from the recent drop from the $1,828 swing high to the $1,791 low.
Source: ETHUSD at TradingView.com
The next resistance is near USD 1,825, above which Ethereum could rise towards USD 1,840. If there is a close above the $1,840 resistance level, the price could gain bullish momentum towards the $1,920 level. Any gains above the $1,920 resistance zone could trigger a steady rise towards the $2,000 resistance.
Lose more in ETH?
If Ethereum fails to clear the $1,810 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 a close breaks below the USD 1,770 support, the price could gain bearish momentum. 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 losing momentum 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
