{"id":11560,"date":"2022-11-09T04:55:25","date_gmt":"2022-11-09T08:55:25","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=11560"},"modified":"2022-11-09T04:55:25","modified_gmt":"2022-11-09T08:55:25","slug":"ethereum-price-tumbles-why-recovery-could-be-round-the-corner","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/11\/09\/ethereum-price-tumbles-why-recovery-could-be-round-the-corner\/","title":{"rendered":"Ethereum Price Tumbles, Why Recovery Could Be Round The Corner"},"content":{"rendered":"

Ethereum extended losses below the $1,400 support against the US Dollar. ETH is consolidating and might recover if there is a clear move above $1,340 resistance.<\/em><\/p>\n

Ethereum started a major decline below the $1,400 and $1,350 levels.
\nThe price is now trading below $1,400 and the 100 hourly simple moving average.
\nThere is a key bearish trend line forming with resistance near $1,320 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair is down over 10% and is currently consolidating losses near $1,300.<\/p>\n

Ethereum Price Dives Over 10%<\/h2>\n

Ethereum started a major decline from well above the $1,550 level. ETH broke a major support near the $1,500 level and the 100 hourly simple moving average. The recent decline in FTT and SOL dragged the market lower, including bitcoin<\/a>.<\/p>\n

Ether price declined heavily<\/a> below the $1,400 support level. The bears were even able to push the price below the $1,350 level. The price traded as low as $1,221 and recently corrected a few higher. There was a move above the $1,250 and $1,300 levels.<\/p>\n

The price is now trading below $1,400 and the 100 hourly simple moving average. It is consolidating near the 23.6% Fib retracement level of the recent decline from the $1,580 swing high to $1,221 low.<\/p>\n

An immediate resistance on the upside is near the $1,320 level. There is also a key bearish trend line forming with resistance near $1,320 on the hourly chart of ETH\/USD. The next major resistance is near the $1,340 level. A clear break above the $1,340 resistance could set the pace for a decent increase.<\/p>\n

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

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

In the stated case, the price could rise to the $1,400 level. It is near the 50% Fib retracement level of the recent decline from the $1,580 swing high to $1,221 low. Any more gains might send the price toward the $1,500 resistance zone.<\/p>\n

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

If ethereum fails to climb above the $1,340 resistance, it could continue to move down. An initial support on the downside is near the $1,275 level.<\/p>\n

The next major support is near the $1,220 level, below which ether price may perhaps extend losses. In the stated scenario, the price could decline towards the $1,100 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 $1,275<\/p>\n

Major Resistance Level \u2013 $1,340<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum extended losses below the $1,400 support against the US Dollar. ETH is consolidating and might recover if there is a clear move above $1,340 resistance.<\/em><\/p>\n

Ethereum started a major decline below the $1,400 and $1,350 levels.
\nThe price is now trading below $1,400 and the 100 hourly simple moving average.
\nThere is a key bearish trend line forming with resistance near $1,320 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair is down over 10% and is currently consolidating losses near $1,300.<\/p>\n

Ethereum Price Dives Over 10%<\/h2>\n

Ethereum started a major decline from well above the $1,550 level. ETH broke a major support near the $1,500 level and the 100 hourly simple moving average. The recent decline in FTT and SOL dragged the market lower, including bitcoin<\/a>.<\/p>\n

Ether price declined heavily<\/a> below the $1,400 support level. The bears were even able to push the price below the $1,350 level. The price traded as low as $1,221 and recently corrected a few higher. There was a move above the $1,250 and $1,300 levels.<\/p>\n

The price is now trading below $1,400 and the 100 hourly simple moving average. It is consolidating near the 23.6% Fib retracement level of the recent decline from the $1,580 swing high to $1,221 low.<\/p>\n

An immediate resistance on the upside is near the $1,320 level. There is also a key bearish trend line forming with resistance near $1,320 on the hourly chart of ETH\/USD. The next major resistance is near the $1,340 level. A clear break above the $1,340 resistance could set the pace for a decent increase.<\/p>\n

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

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

In the stated case, the price could rise to the $1,400 level. It is near the 50% Fib retracement level of the recent decline from the $1,580 swing high to $1,221 low. Any more gains might send the price toward the $1,500 resistance zone.<\/p>\n

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

If ethereum fails to climb above the $1,340 resistance, it could continue to move down. An initial support on the downside is near the $1,275 level.<\/p>\n

The next major support is near the $1,220 level, below which ether price may perhaps extend losses. In the stated scenario, the price could decline towards the $1,100 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 $1,275<\/p>\n

Major Resistance Level \u2013 $1,340<\/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-11560","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\/11560","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=11560"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/11560\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=11560"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=11560"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=11560"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}