Ethereum’s Future in Jeopardy: Bearish Factors Converge for Another Potential Decline

Ethereum’s price is struggling to break above the $1,840 resistance mark against the US Dollar, and it could experience a significant decline if it drops below the $1,780 support level. According to an hourly chart of ETH/USD via Kraken, there is a major bearish trend line forming with resistance near $1,825. Currently, Ethereum is facing several hurdles near the $1,840 resistance zone and is trading below $1,820 and the 100-hourly Simple Moving Average.

As per a NewsBTC report, Ethereum remained in a bearish zone below the $1,840 mark, similar to Bitcoin. The price declined below the $1,800 level and hit a low of $1,772 before correcting losses and moving above $1,820 and the 100-hourly Simple Moving Average.

If the price clears the $1,825 and $1,840 resistance levels, it could initiate a fresh increase and rise towards $1,920. Any further gains above the $1,920 resistance level can lead to a climb towards the $2,000 resistance level.

However, if Ethereum fails to clear the $1,825 resistance level, it could enter another decline. The initial support level on the downside is near the $1,785 mark, with the next significant support being around the $1,770 zone. In case of a clear move below the $1,770 support level, the price might decline sharply towards the $1,720 support zone.

The hourly MACD for ETH/USD is gaining momentum in the bearish zone, while the RSI for ETH/USD is below the 50 level. The major support level is currently $1,770, whereas the major resistance level is $1,825.

As the market remains volatile, the Ethereum community and investors wait for a possible breakout.

J-S Tremblay
About the author - J-S Tremblay

I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...

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