If Ethereum closes above one key level, it may avoid a major breakdown in price.

The price of Ethereum is decreasing from the resistance level of $1,780 against the US Dollar. If the support level of $1,720 is broken, ETH could experience a significant decline. Ethereum is facing difficulties in clearing the resistance levels of $1,780 and $1,800. The price is currently trading below $1,800 and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, a bearish trend line is forming with resistance near $1,760. The pair could experience a sharp decline if it closes below $1,720.

Ethereum attempted to increase in value above the resistance levels of $1,775 and $1,780, but failed to gain bullish momentum above $1,780. The price climbed above the 23.6% Fib retracement level, but is now back below $1,750 and showing bearish signs. On the hourly chart of ETH/USD, a bearish trend line is forming with resistance near $1,760. Ether is struggling to clear the resistance level of $1,800 and the 100-hourly Simple Moving Average. The immediate resistance is near the $1,755 zone and the trend line, with the next major resistance near the $1,780 level.

A proper move above the resistance levels of $1,775 and $1,780 might send Ether towards $1,850, with the next resistance near $1,880. If Ethereum rises above $1,920, it could reach the key barrier at $1,920 and even the $2,000 resistance level. However, if Ethereum fails to clear the resistance level of $1,755, it could continue to decrease. The initial support level on the downside is near $1,720, with the next major support level near $1,700. If the support level of $1,700 is broken, the price could decline towards the $1,640 support level. Technical indicators show that the MACD for ETH/USD is gaining momentum in the bearish zone, while the RSI for ETH/USD is now below the 50 level. The major support level is $1,720 and the major resistance level is $1,780.