{"id":14883,"date":"2022-12-28T05:54:20","date_gmt":"2022-12-28T09:54:20","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=14883"},"modified":"2022-12-28T05:54:20","modified_gmt":"2022-12-28T09:54:20","slug":"ethereum-price-could-resume-decline-if-this-support-paves-way","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/12\/28\/ethereum-price-could-resume-decline-if-this-support-paves-way\/","title":{"rendered":"Ethereum Price Could Resume Decline If This Support Paves Way"},"content":{"rendered":"

Ethereum started a fresh decline from the $1,230 resistance against the US Dollar. ETH could accelerate lower if there is a clear move below the $1,180 support.<\/em><\/p>\n

Ethereum is showing bearish signs and trading well below the $1,230 resistance zone.
\nThe price is now trading below $1,200 and the 100 hourly simple moving average.
\nThere is a key bearish trend line forming with resistance near $1,205 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could continue to move down if there is a clear move below the $1,185 support.<\/p>\n

Ethereum Price Resumes Decline<\/h2>\n

Ethereum price struggled to clear the key $1,230 resistance zone<\/a>. ETH formed a high near the $1,232 before it started another decline. There was a clear move below the $1,210 support zone and the 100 hourly simple moving average, similar to bitcoin<\/a>.<\/p>\n

The price even declined below the $1,200 support zone. It retested the $1,185 support zone. A low is formed near $1,186 and the price is now consolidating losses.<\/p>\n

Ether price is now trading below $1,200 and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $1,205 on the hourly chart of ETH\/USD.<\/p>\n

An immediate resistance is near the $1,200 level. It is near the 23.6% Fib retracement level of the recent decline from the $1,232 swing high to $1,186 low. The next major resistance is near the $1,210 level and the trend line. The first major resistance is near $1,215.<\/p>\n

The 61.8% Fib retracement level of the recent decline from the $1,232 swing high to $1,186 low is also near the $1,215 level. A close above the $1,215 resistance could start a steady increase. In the stated case, the price may perhaps rise towards the $1,230 resistance.<\/p>\n

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

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

The next major resistance could be $1,250, above which the price could accelerate higher 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 $1,215 resistance, it could start another drop. An initial support on the downside is near the $1,185 level.<\/p>\n

The next major support is near the $1,165 level. A downside break below $1,165 might spark a move towards the $1,100 support. Any more losses could lead the price towards the $1,055 zone.<\/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 $1,185<\/p>\n

Major Resistance Level \u2013 $1,215<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum started a fresh decline from the $1,230 resistance against the US Dollar. ETH could accelerate lower if there is a clear move below the $1,180 support.<\/em><\/p>\n

Ethereum is showing bearish signs and trading well below the $1,230 resistance zone.
\nThe price is now trading below $1,200 and the 100 hourly simple moving average.
\nThere is a key bearish trend line forming with resistance near $1,205 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could continue to move down if there is a clear move below the $1,185 support.<\/p>\n

Ethereum Price Resumes Decline<\/h2>\n

Ethereum price struggled to clear the key $1,230 resistance zone<\/a>. ETH formed a high near the $1,232 before it started another decline. There was a clear move below the $1,210 support zone and the 100 hourly simple moving average, similar to bitcoin<\/a>.<\/p>\n

The price even declined below the $1,200 support zone. It retested the $1,185 support zone. A low is formed near $1,186 and the price is now consolidating losses.<\/p>\n

Ether price is now trading below $1,200 and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $1,205 on the hourly chart of ETH\/USD.<\/p>\n

An immediate resistance is near the $1,200 level. It is near the 23.6% Fib retracement level of the recent decline from the $1,232 swing high to $1,186 low. The next major resistance is near the $1,210 level and the trend line. The first major resistance is near $1,215.<\/p>\n

The 61.8% Fib retracement level of the recent decline from the $1,232 swing high to $1,186 low is also near the $1,215 level. A close above the $1,215 resistance could start a steady increase. In the stated case, the price may perhaps rise towards the $1,230 resistance.<\/p>\n

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

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

The next major resistance could be $1,250, above which the price could accelerate higher 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 $1,215 resistance, it could start another drop. An initial support on the downside is near the $1,185 level.<\/p>\n

The next major support is near the $1,165 level. A downside break below $1,165 might spark a move towards the $1,100 support. Any more losses could lead the price towards the $1,055 zone.<\/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 $1,185<\/p>\n

Major Resistance Level \u2013 $1,215<\/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-14883","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\/14883","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=14883"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/14883\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=14883"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=14883"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=14883"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}