{"id":13580,"date":"2022-12-08T05:54:27","date_gmt":"2022-12-08T09:54:27","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=13580"},"modified":"2022-12-08T05:54:27","modified_gmt":"2022-12-08T09:54:27","slug":"ethereum-price-nears-breakdown-support-can-bulls-save-the-day","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/12\/08\/ethereum-price-nears-breakdown-support-can-bulls-save-the-day\/","title":{"rendered":"Ethereum Price Nears Breakdown Support, Can Bulls Save The Day?"},"content":{"rendered":"

Ethereum extended its decline below the $1,240 support against the US Dollar. ETH remains at a risk of more losses below the $1,220 support in the near term.<\/em><\/p>\n

Ethereum remained in a bearish zone and traded below the $1,240 support.
\nThe price is now trading below $1,250 and the 100 hourly simple moving average.
\nThere is a key bearish trend line forming with resistance near $1,245 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair remains at a risk of a downside break below the $1,220 support.<\/p>\n

Ethereum Price Visits Key Support<\/h2>\n

Ethereum price failed to recover losses and extended its decline below the $1,250 level. ETH even traded below the $1,240 support level and the 100 hourly simple moving average, similar to bitcoin<\/a>.<\/p>\n

The price moved into a short-term bearish zone and even tested the $1,220 support. A low is formed near $1,220 and is currently consolidating losses. Ether price is now trading below $1,250 and the 100 hourly simple moving average<\/a>.<\/p>\n

There is also a key bearish trend line forming with resistance near $1,245 on the hourly chart of ETH\/USD. An immediate resistance on the upside is near the $1,235 level. The 23.6% Fib retracement level of the recent drop from the $1,278 swing high to $1,220 low is also near $1,235.<\/p>\n

The first major resistance is near the $1,245 level and the bearish trend line. Besides, the 50% Fib retracement level of the recent drop from the $1,278 swing high to $1,220 low and the 100 hourly simple moving average is near the $1,250 level.<\/p>\n

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

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

A close above the $1,250 resistance might start a fresh increase. The next major resistance is near the $1,280 level, above which ether price could gain bullish momentum for a move to $1,310. Any more gains might send the price towards the $1,350 resistance zone.<\/p>\n

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

If ethereum fails to recover above the $1,250 resistance, it could continue to move down. An initial support on the downside is near the $1,220 level.<\/p>\n

The next major support is near the $1,200 level. If there is a break and close below $1,200, the price could even drop towards the $1,165 support. Any more losses could lead the price towards the $1,075 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 $1,250<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum extended its decline below the $1,240 support against the US Dollar. ETH remains at a risk of more losses below the $1,220 support in the near term.<\/em><\/p>\n

Ethereum remained in a bearish zone and traded below the $1,240 support.
\nThe price is now trading below $1,250 and the 100 hourly simple moving average.
\nThere is a key bearish trend line forming with resistance near $1,245 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair remains at a risk of a downside break below the $1,220 support.<\/p>\n

Ethereum Price Visits Key Support<\/h2>\n

Ethereum price failed to recover losses and extended its decline below the $1,250 level. ETH even traded below the $1,240 support level and the 100 hourly simple moving average, similar to bitcoin<\/a>.<\/p>\n

The price moved into a short-term bearish zone and even tested the $1,220 support. A low is formed near $1,220 and is currently consolidating losses. Ether price is now trading below $1,250 and the 100 hourly simple moving average<\/a>.<\/p>\n

There is also a key bearish trend line forming with resistance near $1,245 on the hourly chart of ETH\/USD. An immediate resistance on the upside is near the $1,235 level. The 23.6% Fib retracement level of the recent drop from the $1,278 swing high to $1,220 low is also near $1,235.<\/p>\n

The first major resistance is near the $1,245 level and the bearish trend line. Besides, the 50% Fib retracement level of the recent drop from the $1,278 swing high to $1,220 low and the 100 hourly simple moving average is near the $1,250 level.<\/p>\n

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

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

A close above the $1,250 resistance might start a fresh increase. The next major resistance is near the $1,280 level, above which ether price could gain bullish momentum for a move to $1,310. Any more gains might send the price towards the $1,350 resistance zone.<\/p>\n

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

If ethereum fails to recover above the $1,250 resistance, it could continue to move down. An initial support on the downside is near the $1,220 level.<\/p>\n

The next major support is near the $1,200 level. If there is a break and close below $1,200, the price could even drop towards the $1,165 support. Any more losses could lead the price towards the $1,075 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 $1,250<\/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-13580","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\/13580","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=13580"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/13580\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=13580"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=13580"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=13580"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}