Ethereum Price Aims for Break Above $1,840 Resistance Zone

Ethereum Price Analysis

Ethereum is rising, starting from the $1,735 zone.
The current price is above $1,780 and the 100-hourly Simple Moving Average.
A break occurred above a bearish trend line at $1,800 on the ETH/USD hourly chart.
Potential for further increases if it surpasses the $1,840 resistance level.

Current Price Movement

ETH corrected from $1,840 but remained stable. It formed a low at $1,733 before increasing again, breaking above $1,780 and $1,800 levels and surpassing the 50% Fib retracement of the recent downward move.

Resistance near $1,815 and 76.4% Fib retracement could pose challenges. Key resistance stands at $1,840.

Further resistance is anticipated at $1,850. A clear rise above this might lead to prices reaching $1,920, and potentially up to $1,950 or $2,000 thereafter.

Possible Decline Scenario

If Ethereum fails to breach $1,840, it may decline. Initial support is around $1,785, with major support at $1,760.

A drop below $1,760 could push the price towards $1,735 and potentially down to $1,650 or $1,620 if losses continue.

Technical Indicators

Hourly MACD shows bullish momentum.
Hourly RSI is above 50.
Major Support Level – $1,785
Major Resistance Level – $1,840