iStock 1353098829 460x307 o59X6t Ethereum Price Faces Confluence Of Bearish Factors and At Risk of Another Decline

Ethereum Price Faces Confluence Of Bearish Factors and At Risk of Another Decline

Ethereum price is struggling below the $1,840 resistance against the US Dollar. ETH could decline heavily if there is a clear move below the $1,780 support.

Ethereum is currently facing many hurdles near the $1,840 resistance zone.
The price is trading below $1,820 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 clears the $1,825 and $1,840 resistance levels.

Ethereum Price Faces Uphill Task

Ethereum’s price remained in a bearish zone below the $1,840 zone. ETH started a fresh decline below the $1,800 level and showed a few bearish signs, similar to Bitcoin.

The price even declined 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. The price cleared the 50% Fib retracement level of the downward move from the $1,834 swing high to the   $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.

Immediate resistance is near the $1,820 level. It is close to the 61.8% Fib retracement level of the downward move from the $1,834 swing high to the $1,772 low. The next resistance sits near $1,825 and the trend line, above which Ethereum could rise toward $1,820.

Source: ETHUSD on TradingView.com

If there is a move above the $1,840 resistance level, the price might start a decent increase toward the $1,920 level. Any more gains above the $1,920 resistance zone could start a decent increase toward the $2,000 resistance.

Fresh Decline in ETH?

If Ethereum fails to clear the $1,825 resistance, it could start another decline. Initial support on the downside is near the $1,785 level.

The next major support is near the $1,770 zone. If there is a clear move below the $1,770 support, the price could decline sharply. In the stated case, the price might drop toward the $1,720 support zone. Any more losses may perhaps take the price toward the $1,700 level in the near term.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is below the 50 level.

Major Support Level – $1,770

Major Resistance Level – $1,825

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