{"id":11399,"date":"2022-11-07T05:56:22","date_gmt":"2022-11-07T09:56:22","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=11399"},"modified":"2022-11-07T05:56:22","modified_gmt":"2022-11-07T09:56:22","slug":"ethereum-price-plunges-to-1550-can-bulls-save-the-day","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/11\/07\/ethereum-price-plunges-to-1550-can-bulls-save-the-day\/","title":{"rendered":"Ethereum Price Plunges to $1,550: Can Bulls Save the Day?"},"content":{"rendered":"

Ethereum started a downside correction from the $1,675 high against the US Dollar. ETH must stay above the $1,550 support to start a fresh increase.<\/em><\/p>\n

Ethereum climbed higher above $1,650 before it started a downside correction.
\nThe price is now trading below $1,600 and the 100 hourly simple moving average.
\nThere is a key bearish trend line forming with resistance near $1,605 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could rise steadily if it clears the $1,600 and $1,615 resistance levels.<\/p>\n

Ethereum Price Corrects Lower<\/h2>\n

Ethereum remained well bid<\/a> above the $1,550 support zone. ETH started a fresh increase and was able to clear the $1,600 resistance zone and the 100 hourly simple moving average.<\/p>\n

The price even broke the $1,650 level, but there was no test of $1,700. A high was formed near $1,675 and the price started a downside correction. There was a move below the $1,620 and $1,600 level. Ether price declined below the 50% Fib retracement level of the upward move from the $1,501 swing low to $1,675 high.<\/p>\n

The price tested the $1,560 support zone. It stayed above the 61.8% Fib retracement level of the upward move from the $1,501 swing low to $1,675 high.<\/p>\n

Ether is now consolidating losses below $1,600 and the 100 hourly simple moving average<\/a>. An immediate resistance on the upside is near the $1,600 level. There is also a key bearish trend line forming with resistance near $1,605 on the hourly chart of ETH\/USD.<\/p>\n

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

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

The next major resistance is near the $1,615 level. A clear break above the $1,615 resistance could set the pace for a decent increase. In the stated case, the price could rise to the $1,675 level. Any more gains might send the price toward the $1,720 resistance zone.<\/p>\n

More Losses in ETH?<\/h2>\n

If ethereum fails to climb above the $1,615 resistance, it could start another decline. An initial support on the downside is near the $1,560 level.<\/p>\n

The next major support is near the $1,550 level, below which ether price may perhaps gain bearish momentum. In the stated scenario, the price could 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 below the 50 level.<\/p>\n

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

Major Resistance Level \u2013 $1,615<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum started a downside correction from the $1,675 high against the US Dollar. ETH must stay above the $1,550 support to start a fresh increase.<\/em><\/p>\n

Ethereum climbed higher above $1,650 before it started a downside correction.
\nThe price is now trading below $1,600 and the 100 hourly simple moving average.
\nThere is a key bearish trend line forming with resistance near $1,605 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could rise steadily if it clears the $1,600 and $1,615 resistance levels.<\/p>\n

Ethereum Price Corrects Lower<\/h2>\n

Ethereum remained well bid<\/a> above the $1,550 support zone. ETH started a fresh increase and was able to clear the $1,600 resistance zone and the 100 hourly simple moving average.<\/p>\n

The price even broke the $1,650 level, but there was no test of $1,700. A high was formed near $1,675 and the price started a downside correction. There was a move below the $1,620 and $1,600 level. Ether price declined below the 50% Fib retracement level of the upward move from the $1,501 swing low to $1,675 high.<\/p>\n

The price tested the $1,560 support zone. It stayed above the 61.8% Fib retracement level of the upward move from the $1,501 swing low to $1,675 high.<\/p>\n

Ether is now consolidating losses below $1,600 and the 100 hourly simple moving average<\/a>. An immediate resistance on the upside is near the $1,600 level. There is also a key bearish trend line forming with resistance near $1,605 on the hourly chart of ETH\/USD.<\/p>\n

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

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

The next major resistance is near the $1,615 level. A clear break above the $1,615 resistance could set the pace for a decent increase. In the stated case, the price could rise to the $1,675 level. Any more gains might send the price toward the $1,720 resistance zone.<\/p>\n

More Losses in ETH?<\/h2>\n

If ethereum fails to climb above the $1,615 resistance, it could start another decline. An initial support on the downside is near the $1,560 level.<\/p>\n

The next major support is near the $1,550 level, below which ether price may perhaps gain bearish momentum. In the stated scenario, the price could 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 below the 50 level.<\/p>\n

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

Major Resistance Level \u2013 $1,615<\/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-11399","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\/11399","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=11399"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/11399\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=11399"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=11399"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=11399"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}