{"id":16991,"date":"2023-01-27T04:52:52","date_gmt":"2023-01-27T08:52:52","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=16991"},"modified":"2023-01-27T04:52:52","modified_gmt":"2023-01-27T08:52:52","slug":"ethereum-price-another-rejection-signals-risk-of-bearish-reaction","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/01\/27\/ethereum-price-another-rejection-signals-risk-of-bearish-reaction\/","title":{"rendered":"Ethereum Price Another Rejection Signals Risk of Bearish Reaction"},"content":{"rendered":"

Ethereum struggled once again to clear the $1,640 resistance against the US Dollar. ETH is correcting lower and remains at a risk of a move below the $1,550 support.<\/em><\/p>\n

Ethereum is slowly moving lower below the $1,620 and $1,600 levels.
\nThe price is now trading below $1,600 and the 100 hourly simple moving average.
\nThere is a key contracting triangle forming with resistance near $1,590 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start another decline if there is a clear move below the $1,550 support.<\/p>\n

Ethereum Price Dips Again<\/h2>\n

Ethereum price started a decent increase above the $1,600 pivot level<\/a>. ETH attempted a fresh upside break above the $1,640 resistance zone, but the bears protected more upsides.<\/p>\n

A high was formed near $1,639 and the price started a downside correction. There was a move below the $1,600 level and the 100 hourly simple moving average. The price declined below the 50% Fib retracement level of the recent leg from the $1,518 swing low to $1,639 high.<\/p>\n

However, the bulls were active near the $1,550 support zone<\/a>. The price stayed above the 61.8% Fib retracement level of the recent leg from the $1,518 swing low to $1,639 high.<\/p>\n

Ether price is now trading below $1,600 and the 100 hourly simple moving average. An immediate resistance is near the $1,590 level. There is also a key contracting triangle forming with resistance near $1,590 on the hourly chart of ETH\/USD.<\/p>\n

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

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

The next major resistance is near the $1,640 level. An upside break above the $1,640 resistance zone could start a decent increase. In the stated case, the price may perhaps rise towards the $1,720 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 $1,550 level or the triangle lower trend line.<\/p>\n

The next major support is near the $1,520 level. If there is a break below $1,520, the price might drop towards the $1,450 support. Any more losses might call for a retest of the $1,365 zone in the near term.<\/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 $1,550<\/p>\n

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

<\/p>\n

Ethereum struggled once again to clear the $1,640 resistance against the US Dollar. ETH is correcting lower and remains at a risk of a move below the $1,550 support.<\/em><\/p>\n

Ethereum is slowly moving lower below the $1,620 and $1,600 levels.
\nThe price is now trading below $1,600 and the 100 hourly simple moving average.
\nThere is a key contracting triangle forming with resistance near $1,590 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start another decline if there is a clear move below the $1,550 support.<\/p>\n

Ethereum Price Dips Again<\/h2>\n

Ethereum price started a decent increase above the $1,600 pivot level<\/a>. ETH attempted a fresh upside break above the $1,640 resistance zone, but the bears protected more upsides.<\/p>\n

A high was formed near $1,639 and the price started a downside correction. There was a move below the $1,600 level and the 100 hourly simple moving average. The price declined below the 50% Fib retracement level of the recent leg from the $1,518 swing low to $1,639 high.<\/p>\n

However, the bulls were active near the $1,550 support zone<\/a>. The price stayed above the 61.8% Fib retracement level of the recent leg from the $1,518 swing low to $1,639 high.<\/p>\n

Ether price is now trading below $1,600 and the 100 hourly simple moving average. An immediate resistance is near the $1,590 level. There is also a key contracting triangle forming with resistance near $1,590 on the hourly chart of ETH\/USD.<\/p>\n

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

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

The next major resistance is near the $1,640 level. An upside break above the $1,640 resistance zone could start a decent increase. In the stated case, the price may perhaps rise towards the $1,720 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 $1,550 level or the triangle lower trend line.<\/p>\n

The next major support is near the $1,520 level. If there is a break below $1,520, the price might drop towards the $1,450 support. Any more losses might call for a retest of the $1,365 zone in the near term.<\/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 $1,550<\/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-16991","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\/16991","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=16991"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/16991\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=16991"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=16991"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=16991"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}