{"id":10768,"date":"2022-10-28T08:53:29","date_gmt":"2022-10-28T12:53:29","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=10768"},"modified":"2022-10-28T08:53:29","modified_gmt":"2022-10-28T12:53:29","slug":"ethereum-price-corrects-but-this-level-could-trigger-fresh-increase","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/10\/28\/ethereum-price-corrects-but-this-level-could-trigger-fresh-increase\/","title":{"rendered":"Ethereum Price Corrects But This Level Could Trigger Fresh Increase"},"content":{"rendered":"

Ethereum started a downside correction from $1,600 against the US Dollar. ETH could start a fresh increase if it stays above the $1,450 support.<\/em><\/p>\n

Ethereum is correcting gains from the $1,580 and $1,600 resistance levels.
\nThe price is now trading above $1,450 and the 100 hourly simple moving average.
\nThere is a major bearish trend line forming with resistance near $1,540 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start a fresh increase if it stays above the $1,450 support zone.<\/p>\n

Ethereum Price Remains Supported<\/h2>\n

Ethereum started a decent increase<\/a> above the $1,450 and $1,500 resistance levels. ETH even cleared the $1,550 level and settled above the 100 hourly simple moving average.<\/p>\n

The price traded close to the $1,600 resistance zone. A high was formed near $1,593 before there was a downside correction. There was a drop below the $1,550 level. Ether price even declined below the 23.6% Fib retracement level of the upward wave from the $1,340 swing low to $1,593 high.<\/p>\n

It is now trading above $1,450 and the 100 hourly simple moving average<\/a>. There is also a major bearish trend line forming with resistance near $1,540 on the hourly chart of ETH\/USD.<\/p>\n

An immediate resistance on the upside is near the $1,540 level and the trend line zone. The first major resistance is near the $1,550 and $1,560 levels, above which the price could gain bullish momentum. The main barrier is now near the $1,600 zone.<\/p>\n

<\/a><\/p>\n

Source: ETHUSD on TradingView.com<\/a><\/p>\n

A clear upside break above the $1,600 resistance zone could set the pace for a fresh rally. In the stated case, the price might rise towards the $1,720 level.<\/p>\n

Dips Supported in ETH?<\/h2>\n

If ethereum fails to climb above the $1,550 resistance, it could continue to move down. An initial support on the downside is near the $1,465 level and the 100 hourly simple moving average.<\/p>\n

The 50% Fib retracement level of the upward wave from the $1,340 swing low to $1,593 high is also near $1,450. A downside break below the $1,450 zone might increase selling pressure and the price might drop to $1,400 in the near term.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is now gaining momentum in the bearish zone.<\/p>\n

Hourly RSI \u2013 <\/strong>The RSI for ETH\/USD is now below the 50 level.<\/p>\n

Major Support Level \u2013 $1,450<\/p>\n

Major Resistance Level \u2013 $1,550<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum started a downside correction from $1,600 against the US Dollar. ETH could start a fresh increase if it stays above the $1,450 support.<\/em><\/p>\n

Ethereum is correcting gains from the $1,580 and $1,600 resistance levels.
\nThe price is now trading above $1,450 and the 100 hourly simple moving average.
\nThere is a major bearish trend line forming with resistance near $1,540 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start a fresh increase if it stays above the $1,450 support zone.<\/p>\n

Ethereum Price Remains Supported<\/h2>\n

Ethereum started a decent increase<\/a> above the $1,450 and $1,500 resistance levels. ETH even cleared the $1,550 level and settled above the 100 hourly simple moving average.<\/p>\n

The price traded close to the $1,600 resistance zone. A high was formed near $1,593 before there was a downside correction. There was a drop below the $1,550 level. Ether price even declined below the 23.6% Fib retracement level of the upward wave from the $1,340 swing low to $1,593 high.<\/p>\n

It is now trading above $1,450 and the 100 hourly simple moving average<\/a>. There is also a major bearish trend line forming with resistance near $1,540 on the hourly chart of ETH\/USD.<\/p>\n

An immediate resistance on the upside is near the $1,540 level and the trend line zone. The first major resistance is near the $1,550 and $1,560 levels, above which the price could gain bullish momentum. The main barrier is now near the $1,600 zone.<\/p>\n

<\/a><\/p>\n

Source: ETHUSD on TradingView.com<\/a><\/p>\n

A clear upside break above the $1,600 resistance zone could set the pace for a fresh rally. In the stated case, the price might rise towards the $1,720 level.<\/p>\n

Dips Supported in ETH?<\/h2>\n

If ethereum fails to climb above the $1,550 resistance, it could continue to move down. An initial support on the downside is near the $1,465 level and the 100 hourly simple moving average.<\/p>\n

The 50% Fib retracement level of the upward wave from the $1,340 swing low to $1,593 high is also near $1,450. A downside break below the $1,450 zone might increase selling pressure and the price might drop to $1,400 in the near term.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is now gaining momentum in the bearish zone.<\/p>\n

Hourly RSI \u2013 <\/strong>The RSI for ETH\/USD is now below the 50 level.<\/p>\n

Major Support Level \u2013 $1,450<\/p>\n

Major Resistance Level \u2013 $1,550<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-10768","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/10768","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=10768"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/10768\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=10768"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=10768"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=10768"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}