{"id":26083,"date":"2023-06-29T04:52:51","date_gmt":"2023-06-29T08:52:51","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=26083"},"modified":"2023-06-29T04:52:51","modified_gmt":"2023-06-29T08:52:51","slug":"ethereum-price-grinds-lower-as-the-bulls-take-back-seat","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/06\/29\/ethereum-price-grinds-lower-as-the-bulls-take-back-seat\/","title":{"rendered":"Ethereum Price Grinds Lower As The Bulls Take Back Seat"},"content":{"rendered":"

Ethereum price is slowly moving lower below the $1,880 level against the US Dollar. ETH is still at risk of a move toward the $1,790 support.<\/em><\/p>\n

Ethereum is moving lower from the $1,920 resistance.
\nThe price is trading below $1,880 and the 100-hourly Simple Moving Average.
\nThere is a short-term bearish trend line forming with resistance near $1,840 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could decline further toward the $1,790 support in the near term.<\/p>\n

Ethereum Price Moves Toward $1,790<\/h2>\n

Ethereum\u2019s price remained well below the key $1,920 resistance zone. ETH slowly moved lower below the $1,880 and $1,865 levels. It even traded to a new weekly low below $1,840, unlike Bitcoin<\/a>.<\/p>\n

A low is formed near $1,817 and the price is now consolidating losses. The price is trading below the 23.6% Fib retracement level of the recent drop from the $1,912 swing high to the $1,817 low. There is also a short-term bearish trend line forming with resistance near $1,840 on the hourly chart of ETH\/USD.<\/p>\n

Ether is showing bearish signs below $1,880 and the 100-hourly Simple Moving Average<\/a>. If Ethereum manages to stay above $1,820, it could rise again.<\/p>\n

Immediate resistance is near the $1,845 level or the trend line. The next major resistance is near the $1,865 level and the 100-hourly Simple Moving Average. It is close to the 50% Fib retracement level of the recent drop from the $1,912 swing high to the $1,817 low.<\/p>\n\n

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

The first key resistance is near the $1,880 level. The key breakout zone is still near the $1,920 and $1,930 levels. A close above the $1,930 zone could start a fresh rally. The next resistance sits near $2,000, above which the price could rise toward the $2,050 level. Any more gains could send Ether toward the $2,120 resistance.<\/p>\n

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

If Ethereum fails to clear the $1,865 resistance, it could continue to move down. Initial support on the downside is near the $1,820 level.<\/p>\n

The next major support is near the $1,790 level. If there is a move below $1,790, the price could drop toward $1,740. Any more losses may perhaps send the price toward the $1,720 support.<\/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 $1,790<\/p>\n

Major Resistance Level \u2013 $1,865<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum price is slowly moving lower below the $1,880 level against the US Dollar. ETH is still at risk of a move toward the $1,790 support.<\/em><\/p>\n

Ethereum is moving lower from the $1,920 resistance.
\nThe price is trading below $1,880 and the 100-hourly Simple Moving Average.
\nThere is a short-term bearish trend line forming with resistance near $1,840 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could decline further toward the $1,790 support in the near term.<\/p>\n

Ethereum Price Moves Toward $1,790<\/h2>\n

Ethereum\u2019s price remained well below the key $1,920 resistance zone. ETH slowly moved lower below the $1,880 and $1,865 levels. It even traded to a new weekly low below $1,840, unlike Bitcoin<\/a>.<\/p>\n

A low is formed near $1,817 and the price is now consolidating losses. The price is trading below the 23.6% Fib retracement level of the recent drop from the $1,912 swing high to the $1,817 low. There is also a short-term bearish trend line forming with resistance near $1,840 on the hourly chart of ETH\/USD.<\/p>\n

Ether is showing bearish signs below $1,880 and the 100-hourly Simple Moving Average<\/a>. If Ethereum manages to stay above $1,820, it could rise again.<\/p>\n

Immediate resistance is near the $1,845 level or the trend line. The next major resistance is near the $1,865 level and the 100-hourly Simple Moving Average. It is close to the 50% Fib retracement level of the recent drop from the $1,912 swing high to the $1,817 low.<\/p>\n

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

The first key resistance is near the $1,880 level. The key breakout zone is still near the $1,920 and $1,930 levels. A close above the $1,930 zone could start a fresh rally. The next resistance sits near $2,000, above which the price could rise toward the $2,050 level. Any more gains could send Ether toward the $2,120 resistance.<\/p>\n

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

If Ethereum fails to clear the $1,865 resistance, it could continue to move down. Initial support on the downside is near the $1,820 level.<\/p>\n

The next major support is near the $1,790 level. If there is a move below $1,790, the price could drop toward $1,740. Any more losses may perhaps send the price toward the $1,720 support.<\/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 $1,790<\/p>\n

Major Resistance Level \u2013 $1,865<\/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-26083","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\/26083","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=26083"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/26083\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=26083"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=26083"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=26083"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}