{"id":25397,"date":"2023-06-14T03:54:27","date_gmt":"2023-06-14T07:54:27","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=25397"},"modified":"2023-06-14T03:54:27","modified_gmt":"2023-06-14T07:54:27","slug":"ethereum-price-breaking-this-confluence-resistance-could-start-recovery-2","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/06\/14\/ethereum-price-breaking-this-confluence-resistance-could-start-recovery-2\/","title":{"rendered":"Ethereum Price Breaking This Confluence Resistance Could Start Recovery"},"content":{"rendered":"

Ethereum price is finding bids above the $1,720 zone against the US Dollar. ETH could start a decent recovery if there is a move above the $1,770 resistance.<\/em><\/p>\n

Ethereum is struggling below the $1,770 and $1,780 resistance levels.
\nThe price is trading below $1,770 and the 100-hourly Simple Moving Average.
\nThere was a break above a short-term contracting triangle with resistance near $1,740 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could recover if there is a move above the $1,770 and $1,780 levels.<\/p>\n

Ethereum Price Holds Support<\/h2>\n

Ethereum\u2019s price remained well-bid above the $1,720 support zone. ETH seems to be forming a base above the $1,720 level, similar to Bitcoin<\/a>. A low is formed near $1,718 and the price is slowly moving higher.<\/p>\n

There was a move above the $1,740 level. Besides, there was a break above a short-term contracting triangle with resistance near $1,740 on the hourly chart of ETH\/USD. The pair is now struggling to settle above the 23.6% Fib retracement level of the key decline from the $1,855 swing high to the $1,718 low.<\/p>\n

Ether is still trading below $1,770 and the 100-hourly Simple Moving Average<\/a>. Immediate resistance is near the $1,760 zone and the 100-hourly Simple Moving Average. The next major resistance is near the $1,770 level. The first major resistance is near $1,780 or the 50% Fib retracement level of the key decline from the $1,855 swing high to the $1,718 low.<\/p>\n\n

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

A proper move above the $1,770 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 $1,920 level. Any more gains above the $1,920 resistance zone might send the price toward the $2,040 resistance.<\/p>\n

Fresh Decline in ETH?<\/h2>\n

If Ethereum fails to clear the $1,780 resistance, it could start another decline. Initial support on the downside is near the $1,730 level and the triangle trend line.<\/p>\n

The next major support is near the $1,720 level. If there is a break and close below the $1,720 support, the price could start a major decline toward the $1,640 support. Any more losses may perhaps send the price toward the $1,600 zone.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is losing momentum in the bearish zone.<\/p>\n

Hourly RSI \u2013 <\/strong>The RSI for ETH\/USD is now above 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 finding bids above the $1,720 zone against the US Dollar. ETH could start a decent recovery if there is a move above the $1,770 resistance.<\/em><\/p>\n

Ethereum is struggling below the $1,770 and $1,780 resistance levels.
\nThe price is trading below $1,770 and the 100-hourly Simple Moving Average.
\nThere was a break above a short-term contracting triangle with resistance near $1,740 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could recover if there is a move above the $1,770 and $1,780 levels.<\/p>\n

Ethereum Price Holds Support<\/h2>\n

Ethereum\u2019s price remained well-bid above the $1,720 support zone. ETH seems to be forming a base above the $1,720 level, similar to Bitcoin<\/a>. A low is formed near $1,718 and the price is slowly moving higher.<\/p>\n

There was a move above the $1,740 level. Besides, there was a break above a short-term contracting triangle with resistance near $1,740 on the hourly chart of ETH\/USD. The pair is now struggling to settle above the 23.6% Fib retracement level of the key decline from the $1,855 swing high to the $1,718 low.<\/p>\n

Ether is still trading below $1,770 and the 100-hourly Simple Moving Average<\/a>. Immediate resistance is near the $1,760 zone and the 100-hourly Simple Moving Average. The next major resistance is near the $1,770 level. The first major resistance is near $1,780 or the 50% Fib retracement level of the key decline from the $1,855 swing high to the $1,718 low.<\/p>\n

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

A proper move above the $1,770 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 $1,920 level. Any more gains above the $1,920 resistance zone might send the price toward the $2,040 resistance.<\/p>\n

Fresh Decline in ETH?<\/h2>\n

If Ethereum fails to clear the $1,780 resistance, it could start another decline. Initial support on the downside is near the $1,730 level and the triangle trend line.<\/p>\n

The next major support is near the $1,720 level. If there is a break and close below the $1,720 support, the price could start a major decline toward the $1,640 support. Any more losses may perhaps send the price toward the $1,600 zone.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is losing momentum in the bearish zone.<\/p>\n

Hourly RSI \u2013 <\/strong>The RSI for ETH\/USD is now above 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-25397","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\/25397","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=25397"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/25397\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=25397"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=25397"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=25397"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}