{"id":14318,"date":"2022-12-19T04:55:20","date_gmt":"2022-12-19T08:55:20","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=14318"},"modified":"2022-12-19T04:55:20","modified_gmt":"2022-12-19T08:55:20","slug":"ethereum-price-suffers-setback-this-triangle-could-start-another-decline","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/12\/19\/ethereum-price-suffers-setback-this-triangle-could-start-another-decline\/","title":{"rendered":"Ethereum Price Suffers Setback, This Triangle Could Start Another Decline"},"content":{"rendered":"

Ethereum started a fresh decline from the $1,320 resistance against the US Dollar. ETH is struggling and remains at a risk of a move below $1,150.<\/em><\/p>\n

Ethereum started another decline and traded below the $1,200 support.
\nThe price is now trading below $1,200 and the 100 hourly simple moving average.
\nThere is a key contracting triangle forming with resistance near $1,190 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could continue to move down unless the price climbs above the $1,220 resistance.<\/p>\n

Ethereum Price Turns Red<\/h2>\n

Ethereum price failed to stay above the $1,300 support zone. ETH reacted to the downside and traded below the $1,250 support zone to move into a bearish zone, similar to bitcoin<\/a>.<\/p>\n

The decline gained pace below the $1,200 level<\/a> and the 100 hourly simple moving average. Ether price traded as low as $1,154 and is currently consolidating losses. There was a minor increase above the $1,180 resistance zone, but the bears remained active.<\/p>\n

Ether price is now trading below $1,200 and the 100 hourly simple moving average. It is also trading below the 23.6% Fib retracement level of the downward move from the $1,350 swing high to $1,154 low.<\/p>\n

An immediate resistance on the upside is near the $1,190 level. There is also a key contracting triangle forming with resistance near $1,190 on the hourly chart of ETH\/USD. The first major resistance is near the $1,210 level and the 100 hourly simple moving average.<\/p>\n

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

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

A close above the $1,220 resistance might start a decent increase. The next major resistance could be $1,260 or the 50% Fib retracement level of the downward move from the $1,350 swing high to $1,154 low, above which ether could rise towards $1,300. 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 climb above the $1,220 resistance, it could continue to move down. An initial support on the downside is near the $1,170 level.<\/p>\n

The next major support is near the $1,150 level, below which the price could gain bearish momentum towards the $1,100 support. Any more losses could lead the price towards the $1,050 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 $1,150<\/p>\n

Major Resistance Level \u2013 $1,220<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum started a fresh decline from the $1,320 resistance against the US Dollar. ETH is struggling and remains at a risk of a move below $1,150.<\/em><\/p>\n

Ethereum started another decline and traded below the $1,200 support.
\nThe price is now trading below $1,200 and the 100 hourly simple moving average.
\nThere is a key contracting triangle forming with resistance near $1,190 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could continue to move down unless the price climbs above the $1,220 resistance.<\/p>\n

Ethereum Price Turns Red<\/h2>\n

Ethereum price failed to stay above the $1,300 support zone. ETH reacted to the downside and traded below the $1,250 support zone to move into a bearish zone, similar to bitcoin<\/a>.<\/p>\n

The decline gained pace below the $1,200 level<\/a> and the 100 hourly simple moving average. Ether price traded as low as $1,154 and is currently consolidating losses. There was a minor increase above the $1,180 resistance zone, but the bears remained active.<\/p>\n

Ether price is now trading below $1,200 and the 100 hourly simple moving average. It is also trading below the 23.6% Fib retracement level of the downward move from the $1,350 swing high to $1,154 low.<\/p>\n

An immediate resistance on the upside is near the $1,190 level. There is also a key contracting triangle forming with resistance near $1,190 on the hourly chart of ETH\/USD. The first major resistance is near the $1,210 level and the 100 hourly simple moving average.<\/p>\n

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

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

A close above the $1,220 resistance might start a decent increase. The next major resistance could be $1,260 or the 50% Fib retracement level of the downward move from the $1,350 swing high to $1,154 low, above which ether could rise towards $1,300. 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 climb above the $1,220 resistance, it could continue to move down. An initial support on the downside is near the $1,170 level.<\/p>\n

The next major support is near the $1,150 level, below which the price could gain bearish momentum towards the $1,100 support. Any more losses could lead the price towards the $1,050 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 $1,150<\/p>\n

Major Resistance Level \u2013 $1,220<\/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-14318","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\/14318","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=14318"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/14318\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=14318"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=14318"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=14318"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}