{"id":26382,"date":"2023-07-06T04:53:06","date_gmt":"2023-07-06T08:53:06","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=26382"},"modified":"2023-07-06T04:53:06","modified_gmt":"2023-07-06T08:53:06","slug":"ethereum-price-retests-uptrend-support-but-can-bulls-save-the-day","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/07\/06\/ethereum-price-retests-uptrend-support-but-can-bulls-save-the-day\/","title":{"rendered":"Ethereum Price Retests Uptrend Support But Can Bulls Save The Day"},"content":{"rendered":"

Ethereum price started a downside correction below $1,950 against the US Dollar. ETH is testing the $1,900 support and is showing a few bearish signs.<\/em><\/p>\n

Ethereum is correcting gains below the $1,950 zone.
\nThe price is trading below $1,940 and the 100-hourly Simple Moving Average.
\nThere is a key bearish trend line forming with resistance near $1,925 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start another increase unless there is a close below $1,900 in the near term.<\/p>\n

Ethereum Price Corrects Gains<\/h2>\n

Ethereum\u2019s price failed to clear the $1,975 resistance<\/a> and started a downside correction. ETH traded below the $1,950 level and extended its decline, similar to Bitcoin.<\/p>\n

There was a move below the $1,920 support. Finally, the price spiked below $1,900. A low is formed near $1,894 and the price is now consolidating losses. It is now trading near the 23.6% Fib retracement level of the recent decline from the $1,974 swing high to the $1,894 low.<\/p>\n

Ether is trading below $1,940 and the 100-hourly Simple Moving Average<\/a>. There is also a key bearish trend line forming with resistance near $1,925 on the hourly chart of ETH\/USD.<\/p>\n

Immediate resistance is near the $1,925 level the 100-hourly Simple Moving Average. The next major resistance is near the $1,945 level. It is close to the 61.8% Fib retracement level of the recent decline from the $1,974 swing high to the $1,894 low.<\/p>\n\n

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

A clear move above the $1,945 resistance could push the price toward $1,975. The main resistance is still near the $2,000 level, above which the price could start a decent increase. The next major resistance is near the $2,120 level. Any more gains could send Ether toward the $2,200 resistance.<\/p>\n

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

If Ethereum fails to clear the $1,925 resistance or $1,945, it could continue to move down. Initial support on the downside is near the $1,900 level.<\/p>\n

The first major support is near the $1,870 level. The next major support is near the $1,820 level. If there is a move below the $1,820 support, the price could drop toward the $1,770 support level.<\/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 below the 50 level.<\/p>\n

Major Support Level \u2013 $1,900<\/p>\n

Major Resistance Level \u2013 $1,945<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum price started a downside correction below $1,950 against the US Dollar. ETH is testing the $1,900 support and is showing a few bearish signs.<\/em><\/p>\n

Ethereum is correcting gains below the $1,950 zone.
\nThe price is trading below $1,940 and the 100-hourly Simple Moving Average.
\nThere is a key bearish trend line forming with resistance near $1,925 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start another increase unless there is a close below $1,900 in the near term.<\/p>\n

Ethereum Price Corrects Gains<\/h2>\n

Ethereum\u2019s price failed to clear the $1,975 resistance<\/a> and started a downside correction. ETH traded below the $1,950 level and extended its decline, similar to Bitcoin.<\/p>\n

There was a move below the $1,920 support. Finally, the price spiked below $1,900. A low is formed near $1,894 and the price is now consolidating losses. It is now trading near the 23.6% Fib retracement level of the recent decline from the $1,974 swing high to the $1,894 low.<\/p>\n

Ether is trading below $1,940 and the 100-hourly Simple Moving Average<\/a>. There is also a key bearish trend line forming with resistance near $1,925 on the hourly chart of ETH\/USD.<\/p>\n

Immediate resistance is near the $1,925 level the 100-hourly Simple Moving Average. The next major resistance is near the $1,945 level. It is close to the 61.8% Fib retracement level of the recent decline from the $1,974 swing high to the $1,894 low.<\/p>\n

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

A clear move above the $1,945 resistance could push the price toward $1,975. The main resistance is still near the $2,000 level, above which the price could start a decent increase. The next major resistance is near the $2,120 level. Any more gains could send Ether toward the $2,200 resistance.<\/p>\n

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

If Ethereum fails to clear the $1,925 resistance or $1,945, it could continue to move down. Initial support on the downside is near the $1,900 level.<\/p>\n

The first major support is near the $1,870 level. The next major support is near the $1,820 level. If there is a move below the $1,820 support, the price could drop toward the $1,770 support level.<\/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 below the 50 level.<\/p>\n

Major Support Level \u2013 $1,900<\/p>\n

Major Resistance Level \u2013 $1,945<\/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-26382","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\/26382","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=26382"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/26382\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=26382"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=26382"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=26382"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}