Ethereum Price Pulls Back Below $1,820 After Recent Gains

Ethereum price began an increase above $1,800 but is currently correcting below the $1,820 support zone.

ETH remained above $1,750 before rising.
The price is now below $1,820 and the 100-hourly Simple Moving Average.
A bearish trend line is forming with resistance at $1,835.
A move above $1,840 could initiate another increase.

Current Price Dynamics

Ethereum supported above $1,750, climbed past the $1,800 and $1,820 levels, reaching a high of $1,873. A correction has since brought the price below $1,820 and $1,800, dipping below the 50% Fib retracement level from $1,734 to $1,873.

The price faces resistance near $1,820, with key levels at $1,840 and $1,880. An upward movement above $1,880 could lead to a rise toward $1,950 and possibly $2,000 or $2,050.

Potential Decline Risks

If Ethereum does not surpass the $1,820 resistance, a decline may occur. Initial support is near $1,785, followed by major support at $1,765. A drop below $1,765 could target $1,735 and potentially $1,720, with further risks extending to $1,650.

Technical Indicators:

Hourly MACD shows increasing bearish momentum.
Hourly RSI is below the 50 mark.
Major Support Level: $1,765
Major Resistance Level: $1,840