{"id":12395,"date":"2022-11-21T06:26:13","date_gmt":"2022-11-21T10:26:13","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=12395"},"modified":"2022-11-21T06:26:13","modified_gmt":"2022-11-21T10:26:13","slug":"ethereum-price-dives-8-why-eth-might-soon-test-1k","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/11\/21\/ethereum-price-dives-8-why-eth-might-soon-test-1k\/","title":{"rendered":"Ethereum Price Dives 8%, Why ETH Might Soon Test $1K"},"content":{"rendered":"

Ethereum started another decline below the $1,180 support against the US Dollar. ETH is down over 8% and there is a risk of a move towards the $1,000 support.<\/em><\/p>\n

Ethereum started a major decline below the $1,180 and $1,170 support levels.
\nThe price is now trading below $1,150 and the 100 hourly simple moving average.
\nThere was a break below a key bullish trend line with support near $1,210 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could correct losses, but there is a risk of more downsides towards $1,000.<\/p>\n

Ethereum Price Takes Hit<\/h2>\n

Ethereum price attempted an upside break above the $1,250 resistance, similar to bitcoin<\/a>. ETH struggled to gain momentum and reacted to the downside below $1,200.<\/p>\n

There was a break below the $1,180 and $1,170 support levels. Besides, there was a break below a key bullish trend line with support near $1,210 on the hourly chart of ETH\/USD. The price gained bearish momentum and declined below the $1,150 level.<\/p>\n

Finally, there was a spike below the $1,120 level and the price traded as low was $1,108. Ether price is now trading below $1,150 and the 100 hourly simple moving average<\/a>.<\/p>\n

An immediate resistance on the upside is near the $1,140 level. It is near the 23.6% Fib retracement level of the downward move from the $1,231 swing high to $1,108 low. The next major resistance is near the $1,170 level. The main resistance is now near $1,180.<\/p>\n

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

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

The 61.8% Fib retracement level of the downward move from the $1,231 swing high to $1,108 low is also near $1,180. A clear break above the $1,180 resistance could send the price towards the $1,250 resistance zone. If the bulls remain in action and the price settles above $1,250, the price could start a steady increase towards the $1,300 level.<\/p>\n

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

If ethereum fails to climb above the $1,180 resistance, it could continue to move down. An initial support on the downside is near the $1,110 level.<\/p>\n

The next major support is near the $1,080 level, below which ether price may perhaps gain bearish momentum. In the stated scenario, the price could drop 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 in the oversold zone.<\/p>\n

Major Support Level \u2013 $1,100<\/p>\n

Major Resistance Level \u2013 $1,180<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum started another decline below the $1,180 support against the US Dollar. ETH is down over 8% and there is a risk of a move towards the $1,000 support.<\/em><\/p>\n

Ethereum started a major decline below the $1,180 and $1,170 support levels.
\nThe price is now trading below $1,150 and the 100 hourly simple moving average.
\nThere was a break below a key bullish trend line with support near $1,210 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could correct losses, but there is a risk of more downsides towards $1,000.<\/p>\n

Ethereum Price Takes Hit<\/h2>\n

Ethereum price attempted an upside break above the $1,250 resistance, similar to bitcoin<\/a>. ETH struggled to gain momentum and reacted to the downside below $1,200.<\/p>\n

There was a break below the $1,180 and $1,170 support levels. Besides, there was a break below a key bullish trend line with support near $1,210 on the hourly chart of ETH\/USD. The price gained bearish momentum and declined below the $1,150 level.<\/p>\n

Finally, there was a spike below the $1,120 level and the price traded as low was $1,108. Ether price is now trading below $1,150 and the 100 hourly simple moving average<\/a>.<\/p>\n

An immediate resistance on the upside is near the $1,140 level. It is near the 23.6% Fib retracement level of the downward move from the $1,231 swing high to $1,108 low. The next major resistance is near the $1,170 level. The main resistance is now near $1,180.<\/p>\n

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

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

The 61.8% Fib retracement level of the downward move from the $1,231 swing high to $1,108 low is also near $1,180. A clear break above the $1,180 resistance could send the price towards the $1,250 resistance zone. If the bulls remain in action and the price settles above $1,250, the price could start a steady increase towards the $1,300 level.<\/p>\n

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

If ethereum fails to climb above the $1,180 resistance, it could continue to move down. An initial support on the downside is near the $1,110 level.<\/p>\n

The next major support is near the $1,080 level, below which ether price may perhaps gain bearish momentum. In the stated scenario, the price could drop 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 in the oversold zone.<\/p>\n

Major Support Level \u2013 $1,100<\/p>\n

Major Resistance Level \u2013 $1,180<\/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-12395","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\/12395","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=12395"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/12395\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=12395"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=12395"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=12395"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}