Ethereum Drops 5% Below $1,840, Bearish Trend Continues

Ethereum's price has been on a downward trajectory, failing to maintain levels above $1,850 and $1,840. The cryptocurrency is currently trading below $1,840 and the 100-hourly Simple Moving Average, indicating a bearish trend. A short-term bearish trend line is forming with resistance at $1,810 on the hourly chart of ETH/USD.

Ethereum's price has dipped further, failing to stay above the $1,800 support zone and extending losses. The price traded as low as $1,751 and recently corrected some gains, moving above the $1,780 and $1,800 resistance levels. However, bears are active near the $1,820 zone, and the price is now consolidating and facing many hurdles.

On the upside, Ethereum's price seems to be facing hurdles near the $1,810 level. The next key resistance is near the $1,840 level or the 50% Fib retracement level of the downward move from the $1,955 swing high to the $1,751 low at $1,850. The first major resistance is near the $1,880 level. A clear move above the $1,880 resistance might send the price toward the $1,920 resistance. An upside break above the $1,920 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,000 resistance zone or even $2,050 in the near term.

If Ethereum fails to clear the $1,850 resistance, it could start another decline. Initial support on the downside is near the $1,765 level. The first major support sits near the $1,750 zone. A clear move below the $1,750 support might push the price toward the $1,720 support. Any more losses might send the price toward the $1,680 support level in the near term. The next key support sits at $1,620.

Technical indicators suggest a bearish momentum for Ethereum. The MACD for ETH/USD is gaining momentum in the bearish zone, and the RSI for ETH/USD is now below the 50 zone. The major support level is at $1,750, while the major resistance level is at $1,850.

According to the analyst's forecast, if Ethereum fails to clear the $1,850 resistance, it could start another decline. Initial support on the downside is near the $1,765 level. The first major support sits near the $1,750 zone. A clear move below the $1,750 support might push the price toward the $1,720 support. Any more losses might send the price toward the $1,680 support level in the near term. The next key support sits at $1,620.