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

2023-05-22 05:25:23

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 MACD – The MACD for ETH/USD is losing momentum in the bearish zone.

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

Major Support Level – $1,770

Major Resistance Level – $1,825

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