{"id":25285,"date":"2023-06-12T03:56:30","date_gmt":"2023-06-12T07:56:30","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=25285"},"modified":"2023-06-12T03:56:30","modified_gmt":"2023-06-12T07:56:30","slug":"ethereum-price-could-avoid-a-major-breakdown-if-it-closes-above-one-key-level","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/06\/12\/ethereum-price-could-avoid-a-major-breakdown-if-it-closes-above-one-key-level\/","title":{"rendered":"Ethereum Price Could Avoid a Major Breakdown if it Closes Above One Key Level"},"content":{"rendered":"

Ethereum price is moving lower from the $1,780 resistance against the US Dollar. ETH could decline heavily if there is a clear move below the $1,720 support.<\/em><\/p>\n

Ethereum is struggling to clear the $1,780 and $1,800 resistance levels.
\nThe price is trading below $1,800 and the 100-hourly Simple Moving Average.
\nThere is a key bearish trend line forming with resistance near $1,760 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could decline heavily if there is a close below $1,720.<\/p>\n

Ethereum Price Remains At Risk<\/h2>\n

Ethereum\u2019s price attempted a fresh increase above the $1,775 and $1,780 resistance levels. ETH failed to gain bullish momentum above the $1,780 resistance, similar to Bitcoin<\/a>.<\/p>\n

Earlier, the price climbed above the 23.6% Fib retracement level of the key decline from the $1,854 swing high to the $1,718 low. The price is now back below $1,750 and showing bearish signs. There is also a key bearish trend line forming with resistance near $1,760 on the hourly chart of ETH\/USD.<\/p>\n

Ether is clearly struggling to clear $1,800 and the 100-hourly Simple Moving Average<\/a>. Immediate resistance is near the $1,755 zone and the trend line. The next major resistance is near the $1,780 level. It is close to the 50% Fib retracement level of the key decline from the $1,854 swing high to the $1,718 low.<\/p>\n\n

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

A proper move above the $1,775 and $1,780 resistance levels might send Ether toward $1,850. The next resistance sits near $1,880, above which Ethereum could rise toward the key barrier at $1,920. Any more gains above the $1,920 resistance zone might send the price toward the $2,000 resistance.<\/p>\n

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

If Ethereum fails to clear the $1,755 resistance, it could continue to move down. Initial support on the downside is near the $1,720 level.<\/p>\n

The next major support is near the $1,700 level. If there is a break and close below the $1,700 support, the price could decline toward the $1,640 support. Any more losses may perhaps send the price toward the $1,600 level or even $1,550 in the coming sessions.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is 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 $1,720<\/p>\n

Major Resistance Level \u2013 $1,780<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum price is moving lower from the $1,780 resistance against the US Dollar. ETH could decline heavily if there is a clear move below the $1,720 support.<\/em><\/p>\n

Ethereum is struggling to clear the $1,780 and $1,800 resistance levels.
\nThe price is trading below $1,800 and the 100-hourly Simple Moving Average.
\nThere is a key bearish trend line forming with resistance near $1,760 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could decline heavily if there is a close below $1,720.<\/p>\n

Ethereum Price Remains At Risk<\/h2>\n

Ethereum\u2019s price attempted a fresh increase above the $1,775 and $1,780 resistance levels. ETH failed to gain bullish momentum above the $1,780 resistance, similar to Bitcoin<\/a>.<\/p>\n

Earlier, the price climbed above the 23.6% Fib retracement level of the key decline from the $1,854 swing high to the $1,718 low. The price is now back below $1,750 and showing bearish signs. There is also a key bearish trend line forming with resistance near $1,760 on the hourly chart of ETH\/USD.<\/p>\n

Ether is clearly struggling to clear $1,800 and the 100-hourly Simple Moving Average<\/a>. Immediate resistance is near the $1,755 zone and the trend line. The next major resistance is near the $1,780 level. It is close to the 50% Fib retracement level of the key decline from the $1,854 swing high to the $1,718 low.<\/p>\n

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

A proper move above the $1,775 and $1,780 resistance levels might send Ether toward $1,850. The next resistance sits near $1,880, above which Ethereum could rise toward the key barrier at $1,920. Any more gains above the $1,920 resistance zone might send the price toward the $2,000 resistance.<\/p>\n

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

If Ethereum fails to clear the $1,755 resistance, it could continue to move down. Initial support on the downside is near the $1,720 level.<\/p>\n

The next major support is near the $1,700 level. If there is a break and close below the $1,700 support, the price could decline toward the $1,640 support. Any more losses may perhaps send the price toward the $1,600 level or even $1,550 in the coming sessions.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is 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 $1,720<\/p>\n

Major Resistance Level \u2013 $1,780<\/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-25285","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\/25285","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=25285"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/25285\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=25285"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=25285"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=25285"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}