{"id":24326,"date":"2023-05-19T03:52:39","date_gmt":"2023-05-19T07:52:39","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=24326"},"modified":"2023-05-19T03:52:39","modified_gmt":"2023-05-19T07:52:39","slug":"ethereum-price-faces-confluence-of-bearish-factors-and-at-risk-of-another-decline","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/05\/19\/ethereum-price-faces-confluence-of-bearish-factors-and-at-risk-of-another-decline\/","title":{"rendered":"Ethereum Price Faces Confluence Of Bearish Factors and At Risk of Another Decline"},"content":{"rendered":"

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.<\/em><\/p>\n

Ethereum is currently facing many hurdles near the $1,840 resistance zone.
\nThe price is trading below $1,820 and the 100-hourly Simple Moving Average.
\nThere is a major bearish trend line forming with resistance near $1,825 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start a fresh increase if it clears the $1,825 and $1,840 resistance levels.<\/p>\n

Ethereum Price Faces Uphill Task<\/h2>\n

Ethereum\u2019s price remained in a bearish zone<\/a> below the $1,840 zone. ETH started a fresh decline below the $1,800 level and showed a few bearish signs, similar to Bitcoin<\/a>.<\/p>\n

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 \u00a0 $1,772 low.<\/p>\n

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.<\/p>\n

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.<\/p>\n

<\/a><\/p>\n

Source: ETHUSD on TradingView.com<\/a><\/p>\n

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.<\/p>\n

Fresh Decline in ETH?<\/h2>\n

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.<\/p>\n

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.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is gaining momentum in the bearish zone.<\/p>\n

Hourly RSI \u2013 <\/strong>The RSI for ETH\/USD is below the 50 level.<\/p>\n

Major Support Level \u2013 $1,770<\/p>\n

Major Resistance Level \u2013 $1,825<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

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.<\/em><\/p>\n

Ethereum is currently facing many hurdles near the $1,840 resistance zone.
\nThe price is trading below $1,820 and the 100-hourly Simple Moving Average.
\nThere is a major bearish trend line forming with resistance near $1,825 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start a fresh increase if it clears the $1,825 and $1,840 resistance levels.<\/p>\n

Ethereum Price Faces Uphill Task<\/h2>\n

Ethereum\u2019s price remained in a bearish zone<\/a> below the $1,840 zone. ETH started a fresh decline below the $1,800 level and showed a few bearish signs, similar to Bitcoin<\/a>.<\/p>\n

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 \u00a0 $1,772 low.<\/p>\n

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.<\/p>\n

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.<\/p>\n

<\/a><\/p>\n

Source: ETHUSD on TradingView.com<\/a><\/p>\n

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.<\/p>\n

Fresh Decline in ETH?<\/h2>\n

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.<\/p>\n

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.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is gaining momentum in the bearish zone.<\/p>\n

Hourly RSI \u2013 <\/strong>The RSI for ETH\/USD is below the 50 level.<\/p>\n

Major Support Level \u2013 $1,770<\/p>\n

Major Resistance Level \u2013 $1,825<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-24326","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/24326","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=24326"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/24326\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=24326"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=24326"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=24326"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}