{"id":25458,"date":"2023-06-15T04:53:20","date_gmt":"2023-06-15T08:53:20","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=25458"},"modified":"2023-06-15T04:53:20","modified_gmt":"2023-06-15T08:53:20","slug":"ethereum-price-resumes-downtrend-as-bears-aim-1500","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/06\/15\/ethereum-price-resumes-downtrend-as-bears-aim-1500\/","title":{"rendered":"Ethereum Price Resumes Downtrend As Bears Aim $1,500"},"content":{"rendered":"

Ethereum price is showing bearish signs below $1,700 against the US Dollar. ETH could continue to move down below the $1,600 level.<\/em><\/p>\n

Ethereum is down 5% and there was a move below the $1,720 support.
\nThe price is trading below $1,700 and the 100-hourly Simple Moving Average.
\nThe bears struggle near a key bearish trend line with resistance near $1,740 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could struggle to recover above the $1,680 and $1,700 resistance levels.<\/p>\n

Ethereum Price Dives 5%<\/h2>\n

Ethereum\u2019s price failed to gain pace for a move above the $1,780 resistance. ETH reacted to the downside below the $1,720 support after the Fed interest rate decision, similar to Bitcoin<\/a>.<\/p>\n

There was a clear move below the $1,700 and $1,640 support levels. The price declined over 5% and traded close to $1,630. A low is formed near $1,630 and the price is now consolidating losses. It is trading below $1,700 and the 100-hourly Simple Moving Average<\/a>.<\/p>\n

There is also a key bearish trend line forming with resistance near $1,740 on the hourly chart of ETH\/USD. Immediate resistance is near the $1,660 level or the 23.6% Fib retracement level of the recent drop from the $1,749 swing high to the $1,630 low.<\/p>\n

The next major resistance is near the $1,680 level. The first major resistance is near $1,700 or the 61.8% Fib retracement level of the recent drop from the $1,749 swing high to the $1,630 low. A proper move above the $1,680 and $1,700 resistance levels might start a steady recovery wave.<\/p>\n\n

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

The next resistance sits near $1,740 and the trend line, above which Ethereum could rise toward the $1,780 level. Any more gains above the $1,780 resistance zone might send the price toward the $1,850 resistance.<\/p>\n

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

If Ethereum fails to clear the $1,700 resistance, it could continue to move down. Initial support on the downside is near the $1,630 level and the recent low.<\/p>\n

The next major support is near the $1,600 level. If there is a break and close below the $1,600 support, the price could accelerate lower toward the $1,550 support. Any more losses may perhaps send the price toward the $1,500 zone.<\/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 $1,600<\/p>\n

Major Resistance Level \u2013 $1,700<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum price is showing bearish signs below $1,700 against the US Dollar. ETH could continue to move down below the $1,600 level.<\/em><\/p>\n

Ethereum is down 5% and there was a move below the $1,720 support.
\nThe price is trading below $1,700 and the 100-hourly Simple Moving Average.
\nThe bears struggle near a key bearish trend line with resistance near $1,740 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could struggle to recover above the $1,680 and $1,700 resistance levels.<\/p>\n

Ethereum Price Dives 5%<\/h2>\n

Ethereum\u2019s price failed to gain pace for a move above the $1,780 resistance. ETH reacted to the downside below the $1,720 support after the Fed interest rate decision, similar to Bitcoin<\/a>.<\/p>\n

There was a clear move below the $1,700 and $1,640 support levels. The price declined over 5% and traded close to $1,630. A low is formed near $1,630 and the price is now consolidating losses. It is trading below $1,700 and the 100-hourly Simple Moving Average<\/a>.<\/p>\n

There is also a key bearish trend line forming with resistance near $1,740 on the hourly chart of ETH\/USD. Immediate resistance is near the $1,660 level or the 23.6% Fib retracement level of the recent drop from the $1,749 swing high to the $1,630 low.<\/p>\n

The next major resistance is near the $1,680 level. The first major resistance is near $1,700 or the 61.8% Fib retracement level of the recent drop from the $1,749 swing high to the $1,630 low. A proper move above the $1,680 and $1,700 resistance levels might start a steady recovery wave.<\/p>\n

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

The next resistance sits near $1,740 and the trend line, above which Ethereum could rise toward the $1,780 level. Any more gains above the $1,780 resistance zone might send the price toward the $1,850 resistance.<\/p>\n

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

If Ethereum fails to clear the $1,700 resistance, it could continue to move down. Initial support on the downside is near the $1,630 level and the recent low.<\/p>\n

The next major support is near the $1,600 level. If there is a break and close below the $1,600 support, the price could accelerate lower toward the $1,550 support. Any more losses may perhaps send the price toward the $1,500 zone.<\/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 $1,600<\/p>\n

Major Resistance Level \u2013 $1,700<\/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-25458","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\/25458","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=25458"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/25458\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=25458"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=25458"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=25458"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}