shutterstock 614141174 460x340 idURfq Ethereum Price Remains Range Bound As Bulls Await The Next Major Move

Ethereum Price Remains Range Bound As Bulls Await The Next Major Move

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-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 increase if it clears the $1,825 and $1,840 resistance levels.

Ethereum Price Stuck Below $1,840

Ethereum’s price failed another time to clear the $1,840 and $1,850 resistance levels. ETH declined below the $1,800 level to remain in a range, similar to Bitcoin.

However, the price remained stable 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 of the recent decline from the $1,828 swing high to the $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% Fib retracement level of the recent decline from the $1,828 swing high to the $1,791 low.

Source: ETHUSD on TradingView.com

The next resistance sits near $1,825, above which Ethereum could rise toward $1,840. If there is a close above the $1,840 resistance level, the price might gain bullish momentum toward the $1,920 level. Any more gains above the $1,920 resistance zone could start a steady increase toward the $2,000 resistance.

More Losses in ETH?

If Ethereum fails to clear the $1,810 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 close below the $1,770 support, the price could gain bearish momentum. 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 losing 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

Scroll to Top