{"id":11063,"date":"2022-11-02T06:55:13","date_gmt":"2022-11-02T10:55:13","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=11063"},"modified":"2022-11-02T06:55:13","modified_gmt":"2022-11-02T10:55:13","slug":"ethereum-price-eyes-fresh-rally-unless-eth-dips-below-this-support","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/11\/02\/ethereum-price-eyes-fresh-rally-unless-eth-dips-below-this-support\/","title":{"rendered":"Ethereum Price Eyes Fresh Rally Unless ETH Dips Below This Support"},"content":{"rendered":"

Ethereum is showing positive signs above the $1,550 zone against the US Dollar. ETH could start a fresh rally unless it breaks the $1,550 support zone.<\/em><\/p>\n

Ethereum is consolidating and is showing positive signs above the $1,550 support zone.
\nThe price is now trading above $1,550 and the 100 hourly simple moving average.
\nThere is a key contracting triangle forming with resistance near $1,600 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start a fresh surge if it clears the $1,600 and $1,620 levels.<\/p>\n

Ethereum Price Remains Supported For Gains<\/h2>\n

Ethereum remained well bid after it started a downside correction<\/a> from the $1,665 zone. ETH declined below the $1,580 level, but the bulls were active near the $1,550 level.<\/p>\n

The price tested the key 61.8% Fib retracement level of the main increase from the $1,485 swing low to $1,665 high. The bulls defended more losses below the $1,550 support zone and the 100 hourly simple moving average<\/a>. It is now back above the $1,580 level and is consolidating.<\/p>\n

There is also a key contracting triangle forming with resistance near $1,600 on the hourly chart of ETH\/USD. An immediate resistance on the upside is near the $1,600 level and the triangle trend line zone.<\/p>\n

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

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

The first major resistance is near the $1,620 and $1,625 levels, above which the price could revisit the $1,665 high. A clear break above $1,665 level could set the stage for a fresh rally. In the stated case, the price could even test the $1,750 level. Any more gains might send the price toward the $1,800 resistance zone.<\/p>\n

Downside Break in ETH?<\/h2>\n

If ethereum fails to climb above the $1,600 resistance, it could slowly move lower. An initial support on the downside is near the $1,570 level and the 100 hourly simple moving average.<\/p>\n

The first major support is near the $1,550 level. A downside break below the $1,550 zone might call for a test of the 76% Fib retracement level of the main increase from the $1,485 swing low to $1,665 high. Any more losses may perhaps send the price towards the $1,485 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 $1,600<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum is showing positive signs above the $1,550 zone against the US Dollar. ETH could start a fresh rally unless it breaks the $1,550 support zone.<\/em><\/p>\n

Ethereum is consolidating and is showing positive signs above the $1,550 support zone.
\nThe price is now trading above $1,550 and the 100 hourly simple moving average.
\nThere is a key contracting triangle forming with resistance near $1,600 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start a fresh surge if it clears the $1,600 and $1,620 levels.<\/p>\n

Ethereum Price Remains Supported For Gains<\/h2>\n

Ethereum remained well bid after it started a downside correction<\/a> from the $1,665 zone. ETH declined below the $1,580 level, but the bulls were active near the $1,550 level.<\/p>\n

The price tested the key 61.8% Fib retracement level of the main increase from the $1,485 swing low to $1,665 high. The bulls defended more losses below the $1,550 support zone and the 100 hourly simple moving average<\/a>. It is now back above the $1,580 level and is consolidating.<\/p>\n

There is also a key contracting triangle forming with resistance near $1,600 on the hourly chart of ETH\/USD. An immediate resistance on the upside is near the $1,600 level and the triangle trend line zone.<\/p>\n

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

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

The first major resistance is near the $1,620 and $1,625 levels, above which the price could revisit the $1,665 high. A clear break above $1,665 level could set the stage for a fresh rally. In the stated case, the price could even test the $1,750 level. Any more gains might send the price toward the $1,800 resistance zone.<\/p>\n

Downside Break in ETH?<\/h2>\n

If ethereum fails to climb above the $1,600 resistance, it could slowly move lower. An initial support on the downside is near the $1,570 level and the 100 hourly simple moving average.<\/p>\n

The first major support is near the $1,550 level. A downside break below the $1,550 zone might call for a test of the 76% Fib retracement level of the main increase from the $1,485 swing low to $1,665 high. Any more losses may perhaps send the price towards the $1,485 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 $1,600<\/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-11063","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\/11063","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=11063"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/11063\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=11063"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=11063"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=11063"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}