{"id":28077,"date":"2023-08-11T05:53:57","date_gmt":"2023-08-11T09:53:57","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=28077"},"modified":"2023-08-11T05:53:57","modified_gmt":"2023-08-11T09:53:57","slug":"ethereum-price-could-see-downside-thrust-before-fresh-increase","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/08\/11\/ethereum-price-could-see-downside-thrust-before-fresh-increase\/","title":{"rendered":"Ethereum Price Could See Downside Thrust Before Fresh Increase"},"content":{"rendered":"

Ethereum price is correcting gains from the $1,880 zone against the US Dollar. ETH could spike toward $1,820 before the bulls attempt a fresh increase.<\/em><\/p>\n

Ethereum is moving lower from the $1,875 and $1,880 resistance levels.
\nThe price is trading below $1,850 and the 100-hourly Simple Moving Average.
\nThere is a bullish flag pattern forming with resistance near $1,855 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could drop toward the $1,820 support where the bulls might take a stand.<\/p>\n

Ethereum Price Dips Again<\/h2>\n

Ethereum\u2019s price struggled to clear the $1,880 resistance zone and started a downside correction. ETH slowly moved lower below the $1,850 pivot level, similar to Bitcoin<\/a>.<\/p>\n

There was a drop below the 23.6% Fib retracement level of the key increase from the $1,800 swing low to the $1,876 high. The bears even pushed the price below the 100-hourly Simple Moving Average. Besides, there is a bullish flag pattern forming with resistance near $1,855 on the hourly chart of ETH\/USD.<\/p>\n

Ether is now trading below $1,850 and the 100-hourly Simple Moving Average<\/a>. On the upside, immediate resistance is near the $1,855 level and the channel zone.<\/p>\n\n

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

The first major resistance is near the $1,872 level. The next key resistance is near the $1,880 level. A close above the $1,880 level could increase the chances of a steady increase toward $1,920. Any more gains might send the price toward the $2,000 hurdle, above which the price could rise toward the $2,040 level or even $2,120.<\/p>\n

Downside Break in ETH?<\/h2>\n

If Ethereum fails to clear the $1,855 resistance, it could continue to move down. Initial support on the downside is near the $1,840 level or the 50% Fib retracement level of the key increase from the $1,800 swing low to the $1,876 high.<\/p>\n

The first major support is near the $1,830 zone or the channel lower trend line. If the bulls fail to protect the $1,820 support, there could be a sharp decline. The next major support is near the $1,800 support level. Any more losses might send the price toward the $1,720 level in the near term.<\/p>\n

Technical Indicators<\/p>\n

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

Hourly RSI \u2013 <\/strong>The RSI for ETH\/USD is now below the 50 level.<\/p>\n

Major Support Level \u2013 $1,820<\/p>\n

Major Resistance Level \u2013 $1,880<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum price is correcting gains from the $1,880 zone against the US Dollar. ETH could spike toward $1,820 before the bulls attempt a fresh increase.<\/em><\/p>\n

Ethereum is moving lower from the $1,875 and $1,880 resistance levels.
\nThe price is trading below $1,850 and the 100-hourly Simple Moving Average.
\nThere is a bullish flag pattern forming with resistance near $1,855 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could drop toward the $1,820 support where the bulls might take a stand.<\/p>\n

Ethereum Price Dips Again<\/h2>\n

Ethereum\u2019s price struggled to clear the $1,880 resistance zone and started a downside correction. ETH slowly moved lower below the $1,850 pivot level, similar to Bitcoin<\/a>.<\/p>\n

There was a drop below the 23.6% Fib retracement level of the key increase from the $1,800 swing low to the $1,876 high. The bears even pushed the price below the 100-hourly Simple Moving Average. Besides, there is a bullish flag pattern forming with resistance near $1,855 on the hourly chart of ETH\/USD.<\/p>\n

Ether is now trading below $1,850 and the 100-hourly Simple Moving Average<\/a>. On the upside, immediate resistance is near the $1,855 level and the channel zone.<\/p>\n

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

The first major resistance is near the $1,872 level. The next key resistance is near the $1,880 level. A close above the $1,880 level could increase the chances of a steady increase toward $1,920. Any more gains might send the price toward the $2,000 hurdle, above which the price could rise toward the $2,040 level or even $2,120.<\/p>\n

Downside Break in ETH?<\/h2>\n

If Ethereum fails to clear the $1,855 resistance, it could continue to move down. Initial support on the downside is near the $1,840 level or the 50% Fib retracement level of the key increase from the $1,800 swing low to the $1,876 high.<\/p>\n

The first major support is near the $1,830 zone or the channel lower trend line. If the bulls fail to protect the $1,820 support, there could be a sharp decline. The next major support is near the $1,800 support level. Any more losses might send the price toward the $1,720 level in the near term.<\/p>\n

Technical Indicators<\/p>\n

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

Hourly RSI \u2013 <\/strong>The RSI for ETH\/USD is now below the 50 level.<\/p>\n

Major Support Level \u2013 $1,820<\/p>\n

Major Resistance Level \u2013 $1,880<\/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-28077","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\/28077","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=28077"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/28077\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=28077"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=28077"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=28077"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}