{"id":10989,"date":"2022-11-01T08:56:30","date_gmt":"2022-11-01T12:56:30","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=10989"},"modified":"2022-11-01T08:56:30","modified_gmt":"2022-11-01T12:56:30","slug":"ethereum-price-could-resume-uptrend-if-it-clears-this-barrier","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/11\/01\/ethereum-price-could-resume-uptrend-if-it-clears-this-barrier\/","title":{"rendered":"Ethereum Price Could Resume Uptrend If It Clears This Barrier"},"content":{"rendered":"

Ethereum remained well bid above the $1,550 zone against the US Dollar. ETH could start a fresh increase if it clears the $1,625 resistance zone.<\/em><\/p>\n

Ethereum is stable and is showing positive signs above the $1,550 support zone.
\nThe price is now trading above $1,560 and the 100 hourly simple moving average.
\nThere is a major contracting triangle forming with resistance near $1,620 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start a fresh increase if it clears the $1,620 and $1,625 levels.<\/p>\n

Ethereum Price Eyes Fresh Increase<\/h2>\n

Ethereum started a downside correction<\/a> after it formed a short-term top near the $1,665 level. ETH declined below the $1,620 and $1,600 levels.<\/p>\n

There was a move below the 50% Fib retracement level of the key wave from the $1,485 swing low to $1,665 high. Ether price even spiked below the $1,580 level and the 100 hourly simple moving average<\/a>. However, the bulls were active near the $1,550 support zone.<\/p>\n

It found bids near the 61.8% Fib retracement level of the key wave from the $1,485 swing low to $1,665 high. The price is now trading above $1,560 and the 100 hourly simple moving average.<\/p>\n

There is also a major contracting triangle forming with resistance near $1,620 on the hourly chart of ETH\/USD. An immediate resistance on the upside is near the $1,620 level and the triangle trend line zone. The first major resistance is near the $1,640 and $1,650 levels, above which the price could gain bullish momentum.<\/p>\n

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

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

In the stated case, the price could even test the $1,700 level. Any more gains might send the price toward the $1,800 resistance zone.<\/p>\n

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

If ethereum fails to climb above the $1,625 resistance, it could continue to move down. An initial support on the downside is near the $1,575 level and the 100 hourly simple moving average.<\/p>\n

The first major support is near the $1,550 level and the triangle lower trend line. A downside break below the $1,550 zone might increase selling pressure. In the stated case, ether price may perhaps decline 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 losing momentum in the bearish zone.<\/p>\n

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

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

Major Resistance Level \u2013 $1,625<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum remained well bid above the $1,550 zone against the US Dollar. ETH could start a fresh increase if it clears the $1,625 resistance zone.<\/em><\/p>\n

Ethereum is stable and is showing positive signs above the $1,550 support zone.
\nThe price is now trading above $1,560 and the 100 hourly simple moving average.
\nThere is a major contracting triangle forming with resistance near $1,620 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start a fresh increase if it clears the $1,620 and $1,625 levels.<\/p>\n

Ethereum Price Eyes Fresh Increase<\/h2>\n

Ethereum started a downside correction<\/a> after it formed a short-term top near the $1,665 level. ETH declined below the $1,620 and $1,600 levels.<\/p>\n

There was a move below the 50% Fib retracement level of the key wave from the $1,485 swing low to $1,665 high. Ether price even spiked below the $1,580 level and the 100 hourly simple moving average<\/a>. However, the bulls were active near the $1,550 support zone.<\/p>\n

It found bids near the 61.8% Fib retracement level of the key wave from the $1,485 swing low to $1,665 high. The price is now trading above $1,560 and the 100 hourly simple moving average.<\/p>\n

There is also a major contracting triangle forming with resistance near $1,620 on the hourly chart of ETH\/USD. An immediate resistance on the upside is near the $1,620 level and the triangle trend line zone. The first major resistance is near the $1,640 and $1,650 levels, above which the price could gain bullish momentum.<\/p>\n

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

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

In the stated case, the price could even test the $1,700 level. Any more gains might send the price toward the $1,800 resistance zone.<\/p>\n

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

If ethereum fails to climb above the $1,625 resistance, it could continue to move down. An initial support on the downside is near the $1,575 level and the 100 hourly simple moving average.<\/p>\n

The first major support is near the $1,550 level and the triangle lower trend line. A downside break below the $1,550 zone might increase selling pressure. In the stated case, ether price may perhaps decline 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 losing momentum in the bearish zone.<\/p>\n

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

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

Major Resistance Level \u2013 $1,625<\/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-10989","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\/10989","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=10989"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/10989\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=10989"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=10989"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=10989"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}