Ethereum Price Falls After Facing Resistance at $1,840 Against Greenback
Arslan Butt • 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.