{"id":11669,"date":"2022-11-10T04:52:49","date_gmt":"2022-11-10T08:52:49","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=11669"},"modified":"2022-11-10T04:52:49","modified_gmt":"2022-11-10T08:52:49","slug":"ethereum-price-approaches-1000-why-upsides-could-be-limited","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/11\/10\/ethereum-price-approaches-1000-why-upsides-could-be-limited\/","title":{"rendered":"Ethereum Price Approaches $1,000, Why Upsides Could Be Limited"},"content":{"rendered":"

Ethereum extended losses below the $1,200 support against the US Dollar. ETH is consolidating and might even test the $1,000 support zone in the near term.<\/em><\/p>\n

Ethereum started a major decline below the $1,320 and $1,250 levels.
\nThe price is now trading below $1,250 and the 100 hourly simple moving average.
\nThere is a major bearish trend line forming with resistance near $1,200 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair is recovering, but upsides might be limited above the $1,200 resistance zone.<\/p>\n

Ethereum Price Dives Over 15%<\/h2>\n

Ethereum remained in a bearish zone<\/a> after it settled below the $1,500 level. ETH broke many important support zones near $1,300 to move further into a negative zone.<\/p>\n

The price gained pace below the $1,300 and $1,250 support levels. It even settled below the $1,200 level and the 100 hourly simple moving average. Ether price traded as low as $1,070 and recently started an upside correction, similar to bitcoin<\/a>.<\/p>\n

There was a minor increase above the $1,120 resistance level. The price is now trading above $1,150 and facing many hurdles. An immediate resistance on the upside is near the $1,190 level. There is also a major bearish trend line forming with resistance near $1,200 on the hourly chart of ETH\/USD.<\/p>\n

The trend line resistance is near the 23.6% Fib retracement level of the recent drop from the $1,580 swing high to $1,070 low. The next major resistance is near the $1,240 level. A clear break above the $1,240 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 $1,320 level. It is near the 50% Fib retracement level of the recent drop from the $1,580 swing high to $1,070 low. Any more gains might send the price toward the $1,400 resistance zone.<\/p>\n

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

If ethereum fails to climb above the $1,240 resistance, it could continue to move down. An initial support on the downside is near the $1,120 level.<\/p>\n

The next major support is near the $1,070 level, below which ether price may perhaps extend losses. In the stated scenario, the price could decline towards the $1,000 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 $1,120<\/p>\n

Major Resistance Level \u2013 $1,240<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum extended losses below the $1,200 support against the US Dollar. ETH is consolidating and might even test the $1,000 support zone in the near term.<\/em><\/p>\n

Ethereum started a major decline below the $1,320 and $1,250 levels.
\nThe price is now trading below $1,250 and the 100 hourly simple moving average.
\nThere is a major bearish trend line forming with resistance near $1,200 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair is recovering, but upsides might be limited above the $1,200 resistance zone.<\/p>\n

Ethereum Price Dives Over 15%<\/h2>\n

Ethereum remained in a bearish zone<\/a> after it settled below the $1,500 level. ETH broke many important support zones near $1,300 to move further into a negative zone.<\/p>\n

The price gained pace below the $1,300 and $1,250 support levels. It even settled below the $1,200 level and the 100 hourly simple moving average. Ether price traded as low as $1,070 and recently started an upside correction, similar to bitcoin<\/a>.<\/p>\n

There was a minor increase above the $1,120 resistance level. The price is now trading above $1,150 and facing many hurdles. An immediate resistance on the upside is near the $1,190 level. There is also a major bearish trend line forming with resistance near $1,200 on the hourly chart of ETH\/USD.<\/p>\n

The trend line resistance is near the 23.6% Fib retracement level of the recent drop from the $1,580 swing high to $1,070 low. The next major resistance is near the $1,240 level. A clear break above the $1,240 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 $1,320 level. It is near the 50% Fib retracement level of the recent drop from the $1,580 swing high to $1,070 low. Any more gains might send the price toward the $1,400 resistance zone.<\/p>\n

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

If ethereum fails to climb above the $1,240 resistance, it could continue to move down. An initial support on the downside is near the $1,120 level.<\/p>\n

The next major support is near the $1,070 level, below which ether price may perhaps extend losses. In the stated scenario, the price could decline towards the $1,000 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 $1,120<\/p>\n

Major Resistance Level \u2013 $1,240<\/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-11669","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\/11669","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=11669"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/11669\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=11669"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=11669"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=11669"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}