{"id":13392,"date":"2022-12-06T05:10:13","date_gmt":"2022-12-06T09:10:13","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=13392"},"modified":"2022-12-06T05:10:13","modified_gmt":"2022-12-06T09:10:13","slug":"ethereum-price-hints-at-potential-correction-buy-the-dip","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/12\/06\/ethereum-price-hints-at-potential-correction-buy-the-dip\/","title":{"rendered":"Ethereum Price Hints At Potential Correction, Buy The Dip?"},"content":{"rendered":"

Ethereum failed again to settle above the $1,300 resistance against the US Dollar. ETH is moving lower and might soon test the $1,220 support zone.<\/em><\/p>\n

Ethereum attempted another upside break above $1,300, but failed.
\nThe price is now trading below $1,280 and the 100 hourly simple moving average.
\nThere was a break below a key bullish trend line with support near $1,272 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could correct further lower, but the $1,220 support is the key.<\/p>\n

Ethereum Price Corrects Lower<\/h2>\n

Ethereum price made another attempt to surpass the $1,300 resistance zone<\/a>. However, ETH struggled to gain momentum above the $1,300 level. A high was formed near $1,304 and the price started a downside correction, similar to bitcoin<\/a>.<\/p>\n

The price declined below the $1,280 support zone and the 100 hourly simple moving average. Besides, there was a break below a key bullish trend line with support near $1,272 on the hourly chart of ETH\/USD.<\/p>\n

Ether price traded as low as $1,248 and is currently consolidating losses. There was a minor increase above the $1,260 level. The price climbed above the 23.6% Fib retracement level of the recent decline from the $1,304 swing high to $1,248 low.<\/p>\n

An immediate resistance on the upside is near the $1,270 level and the 100 hourly simple moving average. The first major resistance is near the $1,275 level. It is near the 50% Fib retracement level of the recent decline from the $1,304 swing high to $1,248 low.<\/p>\n

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

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

A close above the $1,275 resistance might send the price further higher. The next major resistance is near the $1,300 level, above which ether price might test $1,320. Any more gains might send the price towards the $1,400 resistance zone.<\/p>\n

Retest of a Key Support by ETH?<\/h2>\n

If ethereum fails to start another increase above the $1,275 resistance, it could continue to move down. An initial support on the downside is near the $1,250 level.<\/p>\n

The next major support is near the $1,220 level. If there is a break below $1,220, the price could test the $1,165 support. Any more losses could lead the price towards the $1,100 support.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is now gaining 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 $1,220<\/p>\n

Major Resistance Level \u2013 $1,275<\/p>\n

Featured image from iStock<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum failed again to settle above the $1,300 resistance against the US Dollar. ETH is moving lower and might soon test the $1,220 support zone.<\/em><\/p>\n

Ethereum attempted another upside break above $1,300, but failed.
\nThe price is now trading below $1,280 and the 100 hourly simple moving average.
\nThere was a break below a key bullish trend line with support near $1,272 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could correct further lower, but the $1,220 support is the key.<\/p>\n

Ethereum Price Corrects Lower<\/h2>\n

Ethereum price made another attempt to surpass the $1,300 resistance zone<\/a>. However, ETH struggled to gain momentum above the $1,300 level. A high was formed near $1,304 and the price started a downside correction, similar to bitcoin<\/a>.<\/p>\n

The price declined below the $1,280 support zone and the 100 hourly simple moving average. Besides, there was a break below a key bullish trend line with support near $1,272 on the hourly chart of ETH\/USD.<\/p>\n

Ether price traded as low as $1,248 and is currently consolidating losses. There was a minor increase above the $1,260 level. The price climbed above the 23.6% Fib retracement level of the recent decline from the $1,304 swing high to $1,248 low.<\/p>\n

An immediate resistance on the upside is near the $1,270 level and the 100 hourly simple moving average. The first major resistance is near the $1,275 level. It is near the 50% Fib retracement level of the recent decline from the $1,304 swing high to $1,248 low.<\/p>\n

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

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

A close above the $1,275 resistance might send the price further higher. The next major resistance is near the $1,300 level, above which ether price might test $1,320. Any more gains might send the price towards the $1,400 resistance zone.<\/p>\n

Retest of a Key Support by ETH?<\/h2>\n

If ethereum fails to start another increase above the $1,275 resistance, it could continue to move down. An initial support on the downside is near the $1,250 level.<\/p>\n

The next major support is near the $1,220 level. If there is a break below $1,220, the price could test the $1,165 support. Any more losses could lead the price towards the $1,100 support.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is now gaining 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 $1,220<\/p>\n

Major Resistance Level \u2013 $1,275<\/p>\n

Featured image from iStock<\/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-13392","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\/13392","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=13392"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/13392\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=13392"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=13392"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=13392"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}