{"id":23076,"date":"2023-05-02T04:53:19","date_gmt":"2023-05-02T08:53:19","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=23076"},"modified":"2023-05-02T04:53:19","modified_gmt":"2023-05-02T08:53:19","slug":"ethereum-price-is-plunging-but-its-too-early-to-say-uptrend-is-over","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/05\/02\/ethereum-price-is-plunging-but-its-too-early-to-say-uptrend-is-over\/","title":{"rendered":"Ethereum Price is Plunging, But It\u2019s Too Early to Say Uptrend Is Over"},"content":{"rendered":"

Ethereum price extended its decline below the $1,850 level against the US Dollar. ETH could continue to move down if it stays below the $1,880 resistance.<\/em><\/p>\n

Ethereum remained in a bearish zone and traded below $1,850.
\nThe price is trading below $1,850 and the 100-hourly Simple Moving Average.
\nThere is a key bearish trend line forming with resistance near $1,835 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could continue to move down if it stays below $1,850 and $1,880.<\/p>\n

Ethereum Price Extends Decline<\/h2>\n

Ethereum\u2019s price settled below the $1,880 pivot level to move into a bearish zone. ETH extended its decline and traded below the $1,850 support, similar to Bitcoin<\/a> at $28,000.<\/p>\n

The price traded close to the $1,800 level. A low is formed near $1,805 and the price is consolidating losses. It is trading below $1,850 and the 100-hourly Simple Moving Average. There is also a key bearish trend line forming with resistance near $1,835 on the hourly chart of ETH\/USD.<\/p>\n

Immediate resistance is near the $1,835 level and the trend line. It is close to the 23.6% Fib retracement level of the downward move from the $1,940 swing high to the $1,805 low.<\/p>\n

The next major resistance seems to be forming near $1,880 and the 100-hourly Simple Moving Average<\/a>. The 50% Fib retracement level of the downward move from the $1,940 swing high to the $1,805 low is also near the $1,880 level.<\/p>\n

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

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

A close above the $1,880 level might start a fresh increase. In the stated case, the price could rise toward the $1,920 resistance. Any more gains could send Ether toward the $1,940 resistance. The main hurdle is now forming near the $2,000 zone, above which the price could gain bullish momentum.<\/p>\n

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

If Ethereum fails to clear the $1,835 resistance, it could continue to move down. Initial support on the downside is near the $1,800 level.<\/p>\n

The next major support is near the $1,780 zone, below which ether price might drop toward the $1,740 support zone. Any more losses may perhaps take the price toward $1,700 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 below the 50 level.<\/p>\n

Major Support Level \u2013 $1,800<\/p>\n

Major Resistance Level \u2013 $1,880<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum price extended its decline below the $1,850 level against the US Dollar. ETH could continue to move down if it stays below the $1,880 resistance.<\/em><\/p>\n

Ethereum remained in a bearish zone and traded below $1,850.
\nThe price is trading below $1,850 and the 100-hourly Simple Moving Average.
\nThere is a key bearish trend line forming with resistance near $1,835 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could continue to move down if it stays below $1,850 and $1,880.<\/p>\n

Ethereum Price Extends Decline<\/h2>\n

Ethereum\u2019s price settled below the $1,880 pivot level to move into a bearish zone. ETH extended its decline and traded below the $1,850 support, similar to Bitcoin<\/a> at $28,000.<\/p>\n

The price traded close to the $1,800 level. A low is formed near $1,805 and the price is consolidating losses. It is trading below $1,850 and the 100-hourly Simple Moving Average. There is also a key bearish trend line forming with resistance near $1,835 on the hourly chart of ETH\/USD.<\/p>\n

Immediate resistance is near the $1,835 level and the trend line. It is close to the 23.6% Fib retracement level of the downward move from the $1,940 swing high to the $1,805 low.<\/p>\n

The next major resistance seems to be forming near $1,880 and the 100-hourly Simple Moving Average<\/a>. The 50% Fib retracement level of the downward move from the $1,940 swing high to the $1,805 low is also near the $1,880 level.<\/p>\n

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

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

A close above the $1,880 level might start a fresh increase. In the stated case, the price could rise toward the $1,920 resistance. Any more gains could send Ether toward the $1,940 resistance. The main hurdle is now forming near the $2,000 zone, above which the price could gain bullish momentum.<\/p>\n

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

If Ethereum fails to clear the $1,835 resistance, it could continue to move down. Initial support on the downside is near the $1,800 level.<\/p>\n

The next major support is near the $1,780 zone, below which ether price might drop toward the $1,740 support zone. Any more losses may perhaps take the price toward $1,700 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 below the 50 level.<\/p>\n

Major Support Level \u2013 $1,800<\/p>\n

Major Resistance Level \u2013 $1,880<\/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-23076","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\/23076","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=23076"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/23076\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=23076"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=23076"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=23076"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}