Ethereum Price Falls After Facing Resistance at $1,840 Against Greenback

Ethereum's price is falling after being met with resistance at the $1,840 level against the greenback.

Arslan Butt•Tuesday, March 21, 2023•1 min read

Ethereum’s price is falling after being met with resistance at the $1,840 level against the greenback. That means ETH could fall to the $1,620 zone, where support is seen as a strong buying opportunity.

There is a double top forming near the $1,850 resistance level, indicating that ETH lacks the necessary momentum to break above it.

After that, it followed Bitcoin’s lead and started a correction lower by breaking down below key support at $1,780 and $1,760.

An important bullish trend line providing support near $1,765 on the hourly chart of was broken, and the pair even traded below the $1,740 support area. Ether has formed a new low near $1,728, trading below $1,750 and the 100 hourly simple moving average.

Upside resistance is seen at the 23.6% Fib retracement level of the recent drop from the $1,845 swing high to the $1,728 low, as well as at the $1,755 area and the 100 hourly simple moving average.

The area around $1,780 represents the next significant barrier, followed by $1,800 and $1,880.

Ethereum’s price may continue falling if it is unable to break below the $1,780 resistance level.

On the downside, the $1,730 area serves as initial support, with the $1,695 region providing the next major support.
If $1,695 fails to hold, we could see a drop to $1,620, and if that fails too, we could see $1,550.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Open a FREE Trading Account

ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.