{"id":23585,"date":"2023-05-09T03:52:52","date_gmt":"2023-05-09T07:52:52","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=23585"},"modified":"2023-05-09T03:52:52","modified_gmt":"2023-05-09T07:52:52","slug":"ethereum-price-takes-a-bit-hit-main-reasons-1720-or-1650-are-likely-targets","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/05\/09\/ethereum-price-takes-a-bit-hit-main-reasons-1720-or-1650-are-likely-targets\/","title":{"rendered":"Ethereum Price Takes a Bit Hit: Main Reasons $1,720 or $1,650 Are Likely Targets"},"content":{"rendered":"

Ethereum price started a fresh decline below the $1,850 level against the US Dollar. ETH is at risk of a drop toward the $1,650 support zone in the near term.<\/em><\/p>\n

Ethereum is moving lower below the $1,880 support zone.
\nThe price is trading below $1,860 and the 100-hourly Simple Moving Average.
\nThere is a key bearish trend line forming with resistance near $1,860 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 $1,800.<\/p>\n

Ethereum Price Extends Decline<\/h2>\n

Ethereum\u2019s price started a fresh decline and traded below the $1,880 support zone. ETH even moved below the $1,850 support to enter a bearish zone, similar to Bitcoin<\/a>.<\/p>\n

The price traded close to the $1,800 level. A low is formed near $1,812 and the price is now consolidating losses. It is trading below $1,860 and the 100-hourly Simple Moving Average<\/a>. There is also a key bearish trend line forming with resistance near $1,860 on the hourly chart of ETH\/USD.<\/p>\n

Immediate resistance is near the $1,860 level and the trend line. The next resistance sits near $1,875 or the 50% Fib retracement level of the downward move from the $1,936 high to the $1,812 low.<\/p>\n

The first major resistance seems to be forming near the $1,888 level or the 100-hourly Simple Moving Average. It is close to the 61.8% Fib retracement level of the downward move from the $1,936 high to the $1,812 low. A close above the $1,888 resistance zone could send Ethereum toward the $1,920 resistance.<\/p>\n

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

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

Any more gains might start a decent increase toward the $1,950 resistance. In the stated case, the price may even rise toward the $2,000 resistance. The next key resistance is near $2,050.<\/p>\n

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

If Ethereum fails to clear the $1,888 resistance, it could continue to move down. Initial support on the downside is near the $1,810 level or the recent low.<\/p>\n

The next major support is near the $1,800 zone, below which ether price might drop toward the $1,720 support zone. Any more losses may perhaps take the price toward the $1,650 level 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 $1,800<\/p>\n

Major Resistance Level \u2013 $1,888<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum price started a fresh decline below the $1,850 level against the US Dollar. ETH is at risk of a drop toward the $1,650 support zone in the near term.<\/em><\/p>\n

Ethereum is moving lower below the $1,880 support zone.
\nThe price is trading below $1,860 and the 100-hourly Simple Moving Average.
\nThere is a key bearish trend line forming with resistance near $1,860 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 $1,800.<\/p>\n

Ethereum Price Extends Decline<\/h2>\n

Ethereum\u2019s price started a fresh decline and traded below the $1,880 support zone. ETH even moved below the $1,850 support to enter a bearish zone, similar to Bitcoin<\/a>.<\/p>\n

The price traded close to the $1,800 level. A low is formed near $1,812 and the price is now consolidating losses. It is trading below $1,860 and the 100-hourly Simple Moving Average<\/a>. There is also a key bearish trend line forming with resistance near $1,860 on the hourly chart of ETH\/USD.<\/p>\n

Immediate resistance is near the $1,860 level and the trend line. The next resistance sits near $1,875 or the 50% Fib retracement level of the downward move from the $1,936 high to the $1,812 low.<\/p>\n

The first major resistance seems to be forming near the $1,888 level or the 100-hourly Simple Moving Average. It is close to the 61.8% Fib retracement level of the downward move from the $1,936 high to the $1,812 low. A close above the $1,888 resistance zone could send Ethereum toward the $1,920 resistance.<\/p>\n

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

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

Any more gains might start a decent increase toward the $1,950 resistance. In the stated case, the price may even rise toward the $2,000 resistance. The next key resistance is near $2,050.<\/p>\n

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

If Ethereum fails to clear the $1,888 resistance, it could continue to move down. Initial support on the downside is near the $1,810 level or the recent low.<\/p>\n

The next major support is near the $1,800 zone, below which ether price might drop toward the $1,720 support zone. Any more losses may perhaps take the price toward the $1,650 level 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 $1,800<\/p>\n

Major Resistance Level \u2013 $1,888<\/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-23585","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\/23585","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=23585"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/23585\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=23585"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=23585"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=23585"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}