{"id":11144,"date":"2022-11-03T05:56:32","date_gmt":"2022-11-03T09:56:32","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=11144"},"modified":"2022-11-03T05:56:32","modified_gmt":"2022-11-03T09:56:32","slug":"ethereum-price-extended-losses-but-its-too-early-to-say-bulls-have-given-up","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/11\/03\/ethereum-price-extended-losses-but-its-too-early-to-say-bulls-have-given-up\/","title":{"rendered":"Ethereum Price Extended Losses But It\u2019s Too Early to Say Bulls Have Given Up"},"content":{"rendered":"

Ethereum extended its decline after the fed rate decision against the US Dollar. ETH tested the $1,500 support and is currently correcting losses.<\/em><\/p>\n

Ethereum extended decline below the $1,550 support zone and tested $1,500.
\nThe price is now trading below $1,580 and the 100 hourly simple moving average.
\nThere is a key major bearish trend line forming with resistance near $1,580 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could gain bullish momentum if it clears the $1,580 and $1,600 resistance levels.<\/p>\n

Ethereum Price Eyes Increase<\/h2>\n

Ethereum failed to gain pace for a move above the $1,600 resistance zone. ETH corrected lower and traded below the $1,550 support zone<\/a> after the fed increased rates by 75bps.<\/p>\n

The price tested the $1,500 support zone. A low is formed near the $1,501 level and the price is now correcting losses. There was a move above the $1,520 and $1,540 levels. Ether price corrected above the 23.6% Fib retracement level of the recent decline from the $1,619 swing high to $1,501 low.<\/p>\n

The price is now trading below $1,580 and the 100 hourly simple moving average<\/a>. There is also a key major bearish trend line forming with resistance near $1,580 on the hourly chart of ETH\/USD.<\/p>\n

An immediate resistance on the upside is near the $1,560 level and the 100 hourly simple moving average. It is close to the 50% Fib retracement level of the recent decline from the $1,619 swing high to $1,501 low. The first major resistance is near the $1,580 level and the bearish trend line.<\/p>\n

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

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

A clear break above the bearish trend line and then $1,600 could set the pace for a decent increase. In the stated case, the price could rise to the $1,650 level. Any more gains might send the price toward the $1,700 resistance zone.<\/p>\n

Fresh Decline in ETH?<\/h2>\n

If ethereum fails to climb above the $1,580 resistance, it could start another decline. An initial support on the downside is near the $1,525 level.<\/p>\n

The first major support is near the $1,500 level. A downside break below the $1,500 zone might increase selling pressure. In the stated scenario, the price could decline towards the $1,420 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 $1,500<\/p>\n

Major Resistance Level \u2013 $1,580<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum extended its decline after the fed rate decision against the US Dollar. ETH tested the $1,500 support and is currently correcting losses.<\/em><\/p>\n

Ethereum extended decline below the $1,550 support zone and tested $1,500.
\nThe price is now trading below $1,580 and the 100 hourly simple moving average.
\nThere is a key major bearish trend line forming with resistance near $1,580 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could gain bullish momentum if it clears the $1,580 and $1,600 resistance levels.<\/p>\n

Ethereum Price Eyes Increase<\/h2>\n

Ethereum failed to gain pace for a move above the $1,600 resistance zone. ETH corrected lower and traded below the $1,550 support zone<\/a> after the fed increased rates by 75bps.<\/p>\n

The price tested the $1,500 support zone. A low is formed near the $1,501 level and the price is now correcting losses. There was a move above the $1,520 and $1,540 levels. Ether price corrected above the 23.6% Fib retracement level of the recent decline from the $1,619 swing high to $1,501 low.<\/p>\n

The price is now trading below $1,580 and the 100 hourly simple moving average<\/a>. There is also a key major bearish trend line forming with resistance near $1,580 on the hourly chart of ETH\/USD.<\/p>\n

An immediate resistance on the upside is near the $1,560 level and the 100 hourly simple moving average. It is close to the 50% Fib retracement level of the recent decline from the $1,619 swing high to $1,501 low. The first major resistance is near the $1,580 level and the bearish trend line.<\/p>\n

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

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

A clear break above the bearish trend line and then $1,600 could set the pace for a decent increase. In the stated case, the price could rise to the $1,650 level. Any more gains might send the price toward the $1,700 resistance zone.<\/p>\n

Fresh Decline in ETH?<\/h2>\n

If ethereum fails to climb above the $1,580 resistance, it could start another decline. An initial support on the downside is near the $1,525 level.<\/p>\n

The first major support is near the $1,500 level. A downside break below the $1,500 zone might increase selling pressure. In the stated scenario, the price could decline towards the $1,420 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 $1,500<\/p>\n

Major Resistance Level \u2013 $1,580<\/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-11144","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\/11144","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=11144"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/11144\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=11144"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=11144"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=11144"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}