{"id":11251,"date":"2022-11-04T08:54:37","date_gmt":"2022-11-04T12:54:37","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=11251"},"modified":"2022-11-04T08:54:37","modified_gmt":"2022-11-04T12:54:37","slug":"ethereum-price-just-reversed-and-1700-is-imminent-heres-why","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/11\/04\/ethereum-price-just-reversed-and-1700-is-imminent-heres-why\/","title":{"rendered":"Ethereum Price Just Reversed and $1,700 is Imminent, Here\u2019s Why"},"content":{"rendered":"

Ethereum remained well bid above the $1,500 level against the US Dollar. ETH is rising and might soon clear the $1,600 resistance zone.<\/em><\/p>\n

Ethereum tested the $1,500 support zone and started a steady increase.
\nThe price is now trading above $1,560 and the 100 hourly simple moving average.
\nThere was a break above a crucial bearish trend line with resistance near $1,560 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could rise steadily if it clears the $1,600 and $1,620 resistance levels.<\/p>\n

Ethereum Price Gains Pace<\/h2>\n

Ethereum remained well bid after it tested the $1,500 support zone<\/a>. ETH traded as low as $1,501 before it formed a base for a fresh increase.<\/p>\n

The bulls were able to push the price above the $1,540 and $1,550 resistance levels. There was a clear move above the 50% Fib retracement level of the downward move from the $1,620 swing high to $1,501 low. There was also a break above a crucial bearish trend line with resistance near $1,560 on the hourly chart of ETH\/USD.<\/p>\n

Ether price is now trading above $1,560 and the 100 hourly simple moving average<\/a>. An immediate resistance on the upside is near the $1,590 level. It is close to the 76.4% Fib retracement level of the downward move from the $1,620 swing high to $1,501 low.<\/p>\n

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

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

The next major resistance is near the $1,600 level. A clear break above the $1,600 resistance 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 $1,600 resistance, it could start another decline. An initial support on the downside is near the $1,560 level and the 100 hourly simple moving average.<\/p>\n

The first major support is near the $1,540 level, below which ether price may perhaps decline towards the key $1,500 support zone. A downside break below the $1,500 zone might set the pace for a larger increase. In the stated scenario, the price could decline towards the $1,400 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 above the 50 level.<\/p>\n

Major Support Level \u2013 $1,560<\/p>\n

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

<\/p>\n

Ethereum remained well bid above the $1,500 level against the US Dollar. ETH is rising and might soon clear the $1,600 resistance zone.<\/em><\/p>\n

Ethereum tested the $1,500 support zone and started a steady increase.
\nThe price is now trading above $1,560 and the 100 hourly simple moving average.
\nThere was a break above a crucial bearish trend line with resistance near $1,560 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could rise steadily if it clears the $1,600 and $1,620 resistance levels.<\/p>\n

Ethereum Price Gains Pace<\/h2>\n

Ethereum remained well bid after it tested the $1,500 support zone<\/a>. ETH traded as low as $1,501 before it formed a base for a fresh increase.<\/p>\n

The bulls were able to push the price above the $1,540 and $1,550 resistance levels. There was a clear move above the 50% Fib retracement level of the downward move from the $1,620 swing high to $1,501 low. There was also a break above a crucial bearish trend line with resistance near $1,560 on the hourly chart of ETH\/USD.<\/p>\n

Ether price is now trading above $1,560 and the 100 hourly simple moving average<\/a>. An immediate resistance on the upside is near the $1,590 level. It is close to the 76.4% Fib retracement level of the downward move from the $1,620 swing high to $1,501 low.<\/p>\n

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

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

The next major resistance is near the $1,600 level. A clear break above the $1,600 resistance 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 $1,600 resistance, it could start another decline. An initial support on the downside is near the $1,560 level and the 100 hourly simple moving average.<\/p>\n

The first major support is near the $1,540 level, below which ether price may perhaps decline towards the key $1,500 support zone. A downside break below the $1,500 zone might set the pace for a larger increase. In the stated scenario, the price could decline towards the $1,400 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 above the 50 level.<\/p>\n

Major Support Level \u2013 $1,560<\/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-11251","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\/11251","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=11251"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/11251\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=11251"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=11251"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=11251"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}