{"id":10913,"date":"2022-10-31T07:52:50","date_gmt":"2022-10-31T11:52:50","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=10913"},"modified":"2022-10-31T07:52:50","modified_gmt":"2022-10-31T11:52:50","slug":"ethereum-price-forms-bullish-pattern-why-eth-could-surge-again","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/10\/31\/ethereum-price-forms-bullish-pattern-why-eth-could-surge-again\/","title":{"rendered":"Ethereum Price Forms Bullish Pattern, Why ETH Could Surge Again"},"content":{"rendered":"

Ethereum started a downside correction from $1,665 against the US Dollar. ETH could start a fresh increase if it stays above the $1,550 support.<\/em><\/p>\n

Ethereum is correcting gains from the $1,650 and $1,665 resistance levels.
\nThe price is now trading above $1,550 and the 100 hourly simple moving average.
\nThere is a key declining channel forming with resistance near $1,600 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start a fresh increase if it stays above the $1,550 support zone.<\/p>\n

Ethereum Price Remains Supported<\/h2>\n

Ethereum remained in a positive zone above the $1,450 and $1,500 resistance levels. ETH gained pace and traded above the $1,550 resistance zone, with a close above the 100 hourly simple moving average.<\/p>\n

The price cleared the $1,600 resistance<\/a> and traded to a new multi-week high at $1,664. Recently, there was a downside correction below the $1,620 and $1,600 levels. Ether price even declined below the 23.6% Fib retracement level of the upward move from the $1,485 swing low to $1,664 high.<\/p>\n

It is now trading above $1,550 and the 100 hourly simple moving average. There is also a key declining channel forming with resistance near $1,600 on the hourly chart of ETH\/USD.<\/p>\n

An immediate resistance on the upside is near the $1,600 level and the channel trend line zone. The first major resistance<\/a> is near the $1,650 and $1,665 levels, above which the price could gain bullish momentum. In the stated case, the price could even test the $1,700 level.<\/p>\n

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

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

A clear upside break above the $1,700 resistance zone could set the pace for a fresh increase. 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 $1,600 resistance, it could continue to move down. An initial support on the downside is near the $1,565 level and the 100 hourly simple moving average.<\/p>\n

The 50% Fib retracement level of the upward move from the $1,485 swing low to $1,664 high is also near $1,565. A downside break below the $1,550 zone might send the price towards the $1,500 support zone 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 $1,550<\/p>\n

Major Resistance Level \u2013 $1,600<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum started a downside correction from $1,665 against the US Dollar. ETH could start a fresh increase if it stays above the $1,550 support.<\/em><\/p>\n

Ethereum is correcting gains from the $1,650 and $1,665 resistance levels.
\nThe price is now trading above $1,550 and the 100 hourly simple moving average.
\nThere is a key declining channel forming with resistance near $1,600 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start a fresh increase if it stays above the $1,550 support zone.<\/p>\n

Ethereum Price Remains Supported<\/h2>\n

Ethereum remained in a positive zone above the $1,450 and $1,500 resistance levels. ETH gained pace and traded above the $1,550 resistance zone, with a close above the 100 hourly simple moving average.<\/p>\n

The price cleared the $1,600 resistance<\/a> and traded to a new multi-week high at $1,664. Recently, there was a downside correction below the $1,620 and $1,600 levels. Ether price even declined below the 23.6% Fib retracement level of the upward move from the $1,485 swing low to $1,664 high.<\/p>\n

It is now trading above $1,550 and the 100 hourly simple moving average. There is also a key declining channel forming with resistance near $1,600 on the hourly chart of ETH\/USD.<\/p>\n

An immediate resistance on the upside is near the $1,600 level and the channel trend line zone. The first major resistance<\/a> is near the $1,650 and $1,665 levels, above which the price could gain bullish momentum. In the stated case, the price could even test the $1,700 level.<\/p>\n

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

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

A clear upside break above the $1,700 resistance zone could set the pace for a fresh increase. 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 $1,600 resistance, it could continue to move down. An initial support on the downside is near the $1,565 level and the 100 hourly simple moving average.<\/p>\n

The 50% Fib retracement level of the upward move from the $1,485 swing low to $1,664 high is also near $1,565. A downside break below the $1,550 zone might send the price towards the $1,500 support zone 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 $1,550<\/p>\n

Major Resistance Level \u2013 $1,600<\/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-10913","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\/10913","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=10913"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/10913\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=10913"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=10913"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=10913"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}