{"id":23901,"date":"2023-05-12T08:52:44","date_gmt":"2023-05-12T12:52:44","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=23901"},"modified":"2023-05-12T08:52:44","modified_gmt":"2023-05-12T12:52:44","slug":"ethereum-bears-hesitate-but-further-downsides-seem-likely","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/05\/12\/ethereum-bears-hesitate-but-further-downsides-seem-likely\/","title":{"rendered":"Ethereum Bears Hesitate But Further Downsides Seem Likely"},"content":{"rendered":"

Ethereum price is moving lower below the $1,800 support against the US Dollar. ETH could accelerate lower toward the $1,650 support in the near term.<\/em><\/p>\n

Ethereum is currently moving lower from the $1,850 resistance zone.
\nThe price is trading below $1,820 and the 100-hourly Simple Moving Average.
\nThere is a major bearish trend line forming with resistance near $1,800 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start a decent increase if there is a move above the $1,800 and $1,830 resistance levels.<\/p>\n

Ethereum Price Turns Red<\/h2>\n

Ethereum\u2019s price failed to start a recovery wave above the $1,850 resistance zone. ETH remained in a bearish zone and traded below the $1,830 support, similar to Bitcoin<\/a>.<\/p>\n

The decline was such that the price even broke the $1,800 support. A new weekly low is formed near $1,770 and the price is now trading in the red zone. Ether is well below $1,820 and the 100-hourly Simple Moving Average<\/a>. There is also a major bearish trend line forming with resistance near $1,800 on the hourly chart of ETH\/USD.<\/p>\n

Immediate resistance is near the $1,800 level or the 23.6% Fib retracement level of the recent decline from the $1,888 swing high to the $1,770 low.<\/p>\n

The next resistance sits near $1,830 or the 50% Fib retracement level of the recent decline from the $1,888 swing high to the $1,770 low, above which Ethereum could test the 100-hourly Simple Moving Average. \u00a0If there is a move above the $1,830 and $1,840 resistance levels, the price might rise toward the $1,880 level. Any more gains above the $1,880 resistance zone could start a decent increase toward the $1,920 resistance.<\/p>\n

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

If Ethereum fails to clear the $1,830 resistance, it could continue to move down. Initial support on the downside is near the $1,770 level.<\/p>\n

The next major support is near the $1,740 zone. If there is a clear move below the $1,740 support, the bears could gain strength and the price might decline heavily. The price might drop toward the $1,650 support zone in the stated case. Any more losses may perhaps take the price toward the $1,600 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 below the 50 level.<\/p>\n

Major Support Level \u2013 $1,770<\/p>\n

Major Resistance Level \u2013 $1,830<\/p>\n

Chart from Tradingview<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum price is moving lower below the $1,800 support against the US Dollar. ETH could accelerate lower toward the $1,650 support in the near term.<\/em><\/p>\n

Ethereum is currently moving lower from the $1,850 resistance zone.
\nThe price is trading below $1,820 and the 100-hourly Simple Moving Average.
\nThere is a major bearish trend line forming with resistance near $1,800 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start a decent increase if there is a move above the $1,800 and $1,830 resistance levels.<\/p>\n

Ethereum Price Turns Red<\/h2>\n

Ethereum\u2019s price failed to start a recovery wave above the $1,850 resistance zone. ETH remained in a bearish zone and traded below the $1,830 support, similar to Bitcoin<\/a>.<\/p>\n

The decline was such that the price even broke the $1,800 support. A new weekly low is formed near $1,770 and the price is now trading in the red zone. Ether is well below $1,820 and the 100-hourly Simple Moving Average<\/a>. There is also a major bearish trend line forming with resistance near $1,800 on the hourly chart of ETH\/USD.<\/p>\n

Immediate resistance is near the $1,800 level or the 23.6% Fib retracement level of the recent decline from the $1,888 swing high to the $1,770 low.<\/p>\n

The next resistance sits near $1,830 or the 50% Fib retracement level of the recent decline from the $1,888 swing high to the $1,770 low, above which Ethereum could test the 100-hourly Simple Moving Average. \u00a0If there is a move above the $1,830 and $1,840 resistance levels, the price might rise toward the $1,880 level. Any more gains above the $1,880 resistance zone could start a decent increase toward the $1,920 resistance.<\/p>\n

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

If Ethereum fails to clear the $1,830 resistance, it could continue to move down. Initial support on the downside is near the $1,770 level.<\/p>\n

The next major support is near the $1,740 zone. If there is a clear move below the $1,740 support, the bears could gain strength and the price might decline heavily. The price might drop toward the $1,650 support zone in the stated case. Any more losses may perhaps take the price toward the $1,600 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 below the 50 level.<\/p>\n

Major Support Level \u2013 $1,770<\/p>\n

Major Resistance Level \u2013 $1,830<\/p>\n

Chart from Tradingview<\/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-23901","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\/23901","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=23901"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/23901\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=23901"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=23901"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=23901"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}