Ethereum extended its decline and tested the $1,000 support against the US Dollar. ETH is recovering, but it must clear $1,280 to start a steady upward move.<\/p>\n
Ethereum dropped towards the $1,000 level before the bulls appeared.
\nThe price is now trading below $1,280 and the 100 hourly simple moving average.
\nThere was a break above a major bearish trend line with resistance near $1,205 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could resume its decline unless it clears $1,280 and $1,300 in the near term.<\/p>\n
Ethereum Price Faces Key Resistance<\/p>\n
Ethereum started a fresh decline below the $1,100 level. The price traded to a new multi-month low and almost tested the $1,000 support zone.<\/p>\n
A low was formed near $1,013 before the price started an upside correction. There was a recovery wave above the $1,120 and $1,150 levels. Ether price climbed above the 23.6% Fib retracement level of the key drop from the $1,546 swing high to $1,013 low.<\/p>\n
Besides, there was a break above a major bearish trend line with resistance near $1,205 on the hourly chart of ETH\/USD. However, the price is still trading below $1,280 and the 100 hourly simple moving average.<\/p>\n
The bears were active near the $1,260 resistance zone. The next major resistance is near the $1,280 zone and the 100 hourly simple moving average. The 50% Fib retracement level of the key drop from the $1,546 swing high to $1,013 low is also near the $1,280 zone.<\/p>\n\n
Source: ETHUSD on TradingView.com<\/p>\n
A clear move above the $1,280 resistance zone may perhaps start a decent upward move. The next major resistance is near the $1,420 level. Any more gains could start a move towards the $1,550 resistance.<\/p>\n
Fresh Decline in ETH?<\/p>\n
If ethereum fails to rise above the $1,280 resistance, it could start a fresh decline. An initial support on the downside is near the $1,180 zone.<\/p>\n
The next major support is near the $1,125 zone. A clear move and break below the $1,125 zone could start a major decline. In the stated case, the price could slide towards the $1,000 support zone in the near term.<\/p>\n
Technical Indicators<\/p>\n
Hourly MACD \u2013 The MACD for ETH\/USD is now losing momentum in the bullish zone.<\/p>\n
Hourly RSI \u2013 The RSI for ETH\/USD is now above the 50 level.<\/p>\n
Major Support Level \u2013 $1,125<\/p>\n
Major Resistance Level \u2013 $1,280<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
Ethereum extended its decline and tested the $1,000 support against the US Dollar. ETH is recovering, but it must clear $1,280 to start a steady upward move.<\/p>\n
Ethereum dropped towards the $1,000 level before the bulls appeared.
\nThe price is now trading below $1,280 and the 100 hourly simple moving average.
\nThere was a break above a major bearish trend line with resistance near $1,205 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could resume its decline unless it clears $1,280 and $1,300 in the near term.<\/p>\n
Ethereum Price Faces Key Resistance<\/p>\n
Ethereum started a fresh decline below the $1,100 level. The price traded to a new multi-month low and almost tested the $1,000 support zone.<\/p>\n
A low was formed near $1,013 before the price started an upside correction. There was a recovery wave above the $1,120 and $1,150 levels. Ether price climbed above the 23.6% Fib retracement level of the key drop from the $1,546 swing high to $1,013 low.<\/p>\n
Besides, there was a break above a major bearish trend line with resistance near $1,205 on the hourly chart of ETH\/USD. However, the price is still trading below $1,280 and the 100 hourly simple moving average.<\/p>\n
The bears were active near the $1,260 resistance zone. The next major resistance is near the $1,280 zone and the 100 hourly simple moving average. The 50% Fib retracement level of the key drop from the $1,546 swing high to $1,013 low is also near the $1,280 zone.<\/p>\n
Source: ETHUSD on TradingView.com<\/p>\n
A clear move above the $1,280 resistance zone may perhaps start a decent upward move. The next major resistance is near the $1,420 level. Any more gains could start a move towards the $1,550 resistance.<\/p>\n
Fresh Decline in ETH?<\/p>\n
If ethereum fails to rise above the $1,280 resistance, it could start a fresh decline. An initial support on the downside is near the $1,180 zone.<\/p>\n
The next major support is near the $1,125 zone. A clear move and break below the $1,125 zone could start a major decline. In the stated case, the price could slide towards the $1,000 support zone in the near term.<\/p>\n
Technical Indicators<\/p>\n
Hourly MACD \u2013 The MACD for ETH\/USD is now losing momentum in the bullish zone.<\/p>\n
Hourly RSI \u2013 The RSI for ETH\/USD is now above the 50 level.<\/p>\n
Major Support Level \u2013 $1,125<\/p>\n
Major Resistance Level \u2013 $1,280<\/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-1308","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\/1308","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=1308"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/1308\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=1308"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=1308"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=1308"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}