{"id":12161,"date":"2022-11-17T05:57:15","date_gmt":"2022-11-17T09:57:15","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=12161"},"modified":"2022-11-17T05:57:15","modified_gmt":"2022-11-17T09:57:15","slug":"ethereum-price-showing-early-signs-of-fresh-drop-but-this-support-is-key","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/11\/17\/ethereum-price-showing-early-signs-of-fresh-drop-but-this-support-is-key\/","title":{"rendered":"Ethereum Price Showing Early Signs of Fresh Drop, But This Support Is Key"},"content":{"rendered":"

Ethereum failed to clear the $1,300 resistance zone against the US Dollar. ETH remains at a risk of more losses if there is a break below the $1,170 support zone.<\/em><\/p>\n

Ethereum is facing resistance near the $1,250 and $1,280 levels.
\nThe price is now trading below $1,240 and the 100 hourly simple moving average.
\nThere is a major bearish trend line forming with resistance near $1,245 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could accelerate lower if there is a clear move below $1,180 and $1,170.<\/p>\n

Ethereum Price Faces Hurdles<\/h2>\n

Ethereum attempted an upside break above the $1,300 resistance, similar to bitcoin<\/a> at $17,000. ETH failed to gain pace for a clear move above the $1,300 resistance.<\/p>\n

A high was formed near $1,290 before the price started a fresh decline. There was a clear move below the $1,260 and $1,250 levels. Ether price even traded below the $1,220 level. A low is formed near $1,183 and the price is now consolidating losses.<\/p>\n

The price is now trading below $1,240 and the 100 hourly simple moving average. There was a minor increase above the 23.6% Fib retracement level of the recent decline from the $1,290 swing high to $1,183 low.<\/p>\n

An immediate resistance on the upside is near the $1,240 level. There is also a major bearish trend line<\/a> forming with resistance near $1,245 on the hourly chart of ETH\/USD. The trend line is near the 50% Fib retracement level of the recent decline from the $1,290 swing high to $1,183 low.<\/p>\n

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

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

The next major resistance is near the $1,265 level. A clear break above the $1,265 resistance could send the price towards the $1,300 resistance zone. To start a steady increase, the price must settle above $1,300. In the stated case, the price could rise towards the $1,400 level.<\/p>\n

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

If ethereum fails to climb above the $1,245 resistance, it could continue to move down. An initial support on the downside is near the $1,185 level.<\/p>\n

The next major support is near the $1,170 level, below which ether price may perhaps start another major decline. In the stated scenario, the price could drop 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 $1,170<\/p>\n

Major Resistance Level \u2013 $1,265<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum failed to clear the $1,300 resistance zone against the US Dollar. ETH remains at a risk of more losses if there is a break below the $1,170 support zone.<\/em><\/p>\n

Ethereum is facing resistance near the $1,250 and $1,280 levels.
\nThe price is now trading below $1,240 and the 100 hourly simple moving average.
\nThere is a major bearish trend line forming with resistance near $1,245 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could accelerate lower if there is a clear move below $1,180 and $1,170.<\/p>\n

Ethereum Price Faces Hurdles<\/h2>\n

Ethereum attempted an upside break above the $1,300 resistance, similar to bitcoin<\/a> at $17,000. ETH failed to gain pace for a clear move above the $1,300 resistance.<\/p>\n

A high was formed near $1,290 before the price started a fresh decline. There was a clear move below the $1,260 and $1,250 levels. Ether price even traded below the $1,220 level. A low is formed near $1,183 and the price is now consolidating losses.<\/p>\n

The price is now trading below $1,240 and the 100 hourly simple moving average. There was a minor increase above the 23.6% Fib retracement level of the recent decline from the $1,290 swing high to $1,183 low.<\/p>\n

An immediate resistance on the upside is near the $1,240 level. There is also a major bearish trend line<\/a> forming with resistance near $1,245 on the hourly chart of ETH\/USD. The trend line is near the 50% Fib retracement level of the recent decline from the $1,290 swing high to $1,183 low.<\/p>\n

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

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

The next major resistance is near the $1,265 level. A clear break above the $1,265 resistance could send the price towards the $1,300 resistance zone. To start a steady increase, the price must settle above $1,300. In the stated case, the price could rise towards the $1,400 level.<\/p>\n

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

If ethereum fails to climb above the $1,245 resistance, it could continue to move down. An initial support on the downside is near the $1,185 level.<\/p>\n

The next major support is near the $1,170 level, below which ether price may perhaps start another major decline. In the stated scenario, the price could drop 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 $1,170<\/p>\n

Major Resistance Level \u2013 $1,265<\/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-12161","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\/12161","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=12161"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/12161\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=12161"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=12161"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=12161"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}