{"id":14806,"date":"2022-12-27T04:54:19","date_gmt":"2022-12-27T08:54:19","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=14806"},"modified":"2022-12-27T04:54:19","modified_gmt":"2022-12-27T08:54:19","slug":"ethereum-price-downtrend-intact-for-this-reason-market-muted","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/12\/27\/ethereum-price-downtrend-intact-for-this-reason-market-muted\/","title":{"rendered":"Ethereum Price Downtrend Intact for this Reason, Market Muted"},"content":{"rendered":"

Ethereum is still consolidating below the $1,230 resistance against the US Dollar. ETH could react to the downside if it stays below $1,230 for a long time.<\/em><\/p>\n

Ethereum is attempting an upside break above the $1,230 resistance zone.
\nThe price is now trading above $1,200 and the 100 hourly simple moving average.
\nThere was a break above a connecting bearish trend line with resistance near $1,218 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could gain bullish momentum if there is a close above $1,230 and $1,250.<\/p>\n

Ethereum Price Faces Key Barrier<\/h2>\n

Ethereum price started a recovery wave above the $1,180 and $1,190 levels. ETH even managed to climb above the $1,200 resistance zone and the 100 hourly simple moving average, similar to bitcoin<\/a>.<\/p>\n

There was a break above a connecting bearish trend line with resistance near $1,218 on the hourly chart of ETH\/USD. The bulls even attempted to clear the key $1,230 resistance zone, but they struggled. It seems like there are already many attempts to clear the $1,230 and $1,250 resistance levels.<\/p>\n

Ether price is now trading above $1,200 and the 100 hourly simple moving average<\/a>. It is trading near the 23.6% Fib retracement level of the recent increase from the $1,193 swing low to $1,230 high.<\/p>\n

An immediate key barrier is near the $1,230 level. The next major resistance is near the $1,250 level. A close above the $1,250 resistance could start a steady increase. In the stated case, the price may perhaps rise towards the $1,300 resistance.<\/p>\n

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

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

The next major resistance could be $1,350, above which the price could accelerate higher towards $1,400. Any more gains might send the price towards the $1,500 resistance zone.<\/p>\n

ETH Could Trim Gains<\/h2>\n

If ethereum fails to climb above the $1,230 resistance, it could start another drop. An initial support on the downside is near the $1,216 level and the 100 hourly simple moving average.<\/p>\n

The next major support is near the $1,210 level. The first major support is near the $1,200 level or the 61.8% Fib retracement level of the recent increase from the $1,193 swing low to $1,230 high. A downside break below $1,200 might spark a move towards the $1,180 support. Any more losses could lead the price towards the $1,150 zone.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is now losing momentum in the bullish zone.<\/p>\n

Hourly RSI \u2013 <\/strong>The RSI for ETH\/USD is now above the 50 level.<\/p>\n

Major Support Level \u2013 $1,200<\/p>\n

Major Resistance Level \u2013 $1,230<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum is still consolidating below the $1,230 resistance against the US Dollar. ETH could react to the downside if it stays below $1,230 for a long time.<\/em><\/p>\n

Ethereum is attempting an upside break above the $1,230 resistance zone.
\nThe price is now trading above $1,200 and the 100 hourly simple moving average.
\nThere was a break above a connecting bearish trend line with resistance near $1,218 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could gain bullish momentum if there is a close above $1,230 and $1,250.<\/p>\n

Ethereum Price Faces Key Barrier<\/h2>\n

Ethereum price started a recovery wave above the $1,180 and $1,190 levels. ETH even managed to climb above the $1,200 resistance zone and the 100 hourly simple moving average, similar to bitcoin<\/a>.<\/p>\n

There was a break above a connecting bearish trend line with resistance near $1,218 on the hourly chart of ETH\/USD. The bulls even attempted to clear the key $1,230 resistance zone, but they struggled. It seems like there are already many attempts to clear the $1,230 and $1,250 resistance levels.<\/p>\n

Ether price is now trading above $1,200 and the 100 hourly simple moving average<\/a>. It is trading near the 23.6% Fib retracement level of the recent increase from the $1,193 swing low to $1,230 high.<\/p>\n

An immediate key barrier is near the $1,230 level. The next major resistance is near the $1,250 level. A close above the $1,250 resistance could start a steady increase. In the stated case, the price may perhaps rise towards the $1,300 resistance.<\/p>\n

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

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

The next major resistance could be $1,350, above which the price could accelerate higher towards $1,400. Any more gains might send the price towards the $1,500 resistance zone.<\/p>\n

ETH Could Trim Gains<\/h2>\n

If ethereum fails to climb above the $1,230 resistance, it could start another drop. An initial support on the downside is near the $1,216 level and the 100 hourly simple moving average.<\/p>\n

The next major support is near the $1,210 level. The first major support is near the $1,200 level or the 61.8% Fib retracement level of the recent increase from the $1,193 swing low to $1,230 high. A downside break below $1,200 might spark a move towards the $1,180 support. Any more losses could lead the price towards the $1,150 zone.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is now losing momentum in the bullish zone.<\/p>\n

Hourly RSI \u2013 <\/strong>The RSI for ETH\/USD is now above the 50 level.<\/p>\n

Major Support Level \u2013 $1,200<\/p>\n

Major Resistance Level \u2013 $1,230<\/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-14806","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\/14806","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=14806"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/14806\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=14806"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=14806"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=14806"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}