{"id":16798,"date":"2023-01-25T04:54:18","date_gmt":"2023-01-25T08:54:18","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=16798"},"modified":"2023-01-25T04:54:18","modified_gmt":"2023-01-25T08:54:18","slug":"ethereum-price-drops-6-and-signals-risk-of-trend-change-below-this-support","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/01\/25\/ethereum-price-drops-6-and-signals-risk-of-trend-change-below-this-support\/","title":{"rendered":"Ethereum Price Drops 6% and Signals Risk of Trend Change Below This Support"},"content":{"rendered":"

Ethereum started a downside correction below $1,600 against the US Dollar. ETH is down over 6% and remains at a risk of a drop below the $1,480 support.<\/em><\/p>\n

Ethereum is showing a few bearish signs below the $1,600 and $1,580 levels.
\nThe price is now trading below $1,600 and the 100 hourly simple moving average.
\nThere is a key bearish trend line forming with resistance near $1,620 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could recover if it stays above the $1,500 and $1,480 support levels.<\/p>\n

Ethereum Price Trims Gains<\/h2>\n

Ethereum price failed to clear the $1,650 resistance zone<\/a>. ETH corrected lower below the $1,620 and $1,600 level, similar to bitcoin<\/a>. The decline gained pace below the 50% Fib retracement level of the upward move from the $1,480 swing low to $1,680 high.<\/p>\n

The price declined over 6% in a day and traded below the $1,550 support zone. A low is formed near $1,518 and the price is now consolidating losses.<\/p>\n

Ether price is now trading below $1,600 and the 100 hourly simple moving average. An immediate resistance is near the $1,555 level. It is near the 23.6% Fib retracement level of the recent decline from the $1,680 swing high to $1,518 low.<\/p>\n

The next major resistance is near the $1,660 level. It is close to the 50% Fib retracement level of the recent decline from the $1,680 swing high to $1,518 low. There is also a key bearish trend line forming with resistance near $1,620 on the hourly chart of ETH\/USD.<\/p>\n

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

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

An upside break above the $1,620 resistance zone could start a fresh rally. In the stated case, the price may perhaps rise towards the $1,680 resistance.<\/p>\n

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

If ethereum fails to clear the $1,600 resistance, it could continue to move down. An initial support on the downside is near the $1,520 level or the recent low.<\/p>\n

The next major support is near the $1,480 level. If there is a break below $1,480, the price might drop towards the $1,420 support. Any more losses might call for a test of the $1,350 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 $1,480<\/p>\n

Major Resistance Level \u2013 $1,600<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum started a downside correction below $1,600 against the US Dollar. ETH is down over 6% and remains at a risk of a drop below the $1,480 support.<\/em><\/p>\n

Ethereum is showing a few bearish signs below the $1,600 and $1,580 levels.
\nThe price is now trading below $1,600 and the 100 hourly simple moving average.
\nThere is a key bearish trend line forming with resistance near $1,620 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could recover if it stays above the $1,500 and $1,480 support levels.<\/p>\n

Ethereum Price Trims Gains<\/h2>\n

Ethereum price failed to clear the $1,650 resistance zone<\/a>. ETH corrected lower below the $1,620 and $1,600 level, similar to bitcoin<\/a>. The decline gained pace below the 50% Fib retracement level of the upward move from the $1,480 swing low to $1,680 high.<\/p>\n

The price declined over 6% in a day and traded below the $1,550 support zone. A low is formed near $1,518 and the price is now consolidating losses.<\/p>\n

Ether price is now trading below $1,600 and the 100 hourly simple moving average. An immediate resistance is near the $1,555 level. It is near the 23.6% Fib retracement level of the recent decline from the $1,680 swing high to $1,518 low.<\/p>\n

The next major resistance is near the $1,660 level. It is close to the 50% Fib retracement level of the recent decline from the $1,680 swing high to $1,518 low. There is also a key bearish trend line forming with resistance near $1,620 on the hourly chart of ETH\/USD.<\/p>\n

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

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

An upside break above the $1,620 resistance zone could start a fresh rally. In the stated case, the price may perhaps rise towards the $1,680 resistance.<\/p>\n

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

If ethereum fails to clear the $1,600 resistance, it could continue to move down. An initial support on the downside is near the $1,520 level or the recent low.<\/p>\n

The next major support is near the $1,480 level. If there is a break below $1,480, the price might drop towards the $1,420 support. Any more losses might call for a test of the $1,350 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 $1,480<\/p>\n

Major Resistance Level \u2013 $1,600<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-16798","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\/16798","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=16798"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/16798\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=16798"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=16798"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=16798"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}