{"id":28268,"date":"2023-08-16T04:53:57","date_gmt":"2023-08-16T08:53:57","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=28268"},"modified":"2023-08-16T04:53:57","modified_gmt":"2023-08-16T08:53:57","slug":"ethereum-price-prints-bearish-technical-pattern-why-it-could-extend-losses","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/08\/16\/ethereum-price-prints-bearish-technical-pattern-why-it-could-extend-losses\/","title":{"rendered":"Ethereum Price Prints Bearish Technical Pattern, Why It Could Extend Losses"},"content":{"rendered":"

Ethereum price is moving lower below the $1,850 zone against the US Dollar. ETH could extend losses and trade below the $1,800 support.<\/em><\/p>\n

Ethereum is slowly moving lower below the $1,850 and $1,840 resistance levels.
\nThe price is trading below $1,840 and the 100-hourly Simple Moving Average.
\nThere is a key bearish trend line forming with resistance near $1,835 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could drop further below the $1,800 support in the near term.<\/p>\n

Ethereum Price Turns Red<\/h2>\n

Ethereum\u2019s price struggled to recover above the $1,860 resistance zone. ETH remained in a bearish zone and extended its decline below the $1,850 level, similar to Bitcoin<\/a>.<\/p>\n

There was a clear move below the $1,830 support and the price declined toward $1,800<\/a>. A low is formed near $1,811 and the price is now consolidating losses. There was a recovery wave above the $1,820 level. The price climbed above the 23.6% Fib retracement level of the recent decline from the $1,854 swing high to the $1,811 low.<\/p>\n

Ether is now trading below $1,840 and the 100-hourly Simple Moving Average. There is also a key bearish trend line forming with resistance near $1,835 on the hourly chart of ETH\/USD.<\/p>\n

On the upside, the price might face resistance near the $1,835 level or the trend line. It is close to the 50% Fib retracement level of the recent decline from the $1,854 swing high to the $1,811 low. The next resistance is near $1,840 or the 100-hourly Simple Moving Average.<\/p>\n\n

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

The first key resistance is near the $1,850 level. The next key resistance is near the $1,860 level. A close above the $1,860 level could start a decent increase toward $1,900. Any more gains might send the price toward the $1,920 pivot level, above which the price could rise toward the $2,000 zone.<\/p>\n

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

If Ethereum fails to clear the $1,840 resistance, it could continue to move down. Initial support on the downside is near the $1,810 level.<\/p>\n

The first major support is near the $1,800 zone. If the bulls fail to protect the $1,800 support, there could be more losses. The next major support is near the $1,760 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 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 $1,800<\/p>\n

Major Resistance Level \u2013 $1,850<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum price is moving lower below the $1,850 zone against the US Dollar. ETH could extend losses and trade below the $1,800 support.<\/em><\/p>\n

Ethereum is slowly moving lower below the $1,850 and $1,840 resistance levels.
\nThe price is trading below $1,840 and the 100-hourly Simple Moving Average.
\nThere is a key bearish trend line forming with resistance near $1,835 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could drop further below the $1,800 support in the near term.<\/p>\n

Ethereum Price Turns Red<\/h2>\n

Ethereum\u2019s price struggled to recover above the $1,860 resistance zone. ETH remained in a bearish zone and extended its decline below the $1,850 level, similar to Bitcoin<\/a>.<\/p>\n

There was a clear move below the $1,830 support and the price declined toward $1,800<\/a>. A low is formed near $1,811 and the price is now consolidating losses. There was a recovery wave above the $1,820 level. The price climbed above the 23.6% Fib retracement level of the recent decline from the $1,854 swing high to the $1,811 low.<\/p>\n

Ether is now trading below $1,840 and the 100-hourly Simple Moving Average. There is also a key bearish trend line forming with resistance near $1,835 on the hourly chart of ETH\/USD.<\/p>\n

On the upside, the price might face resistance near the $1,835 level or the trend line. It is close to the 50% Fib retracement level of the recent decline from the $1,854 swing high to the $1,811 low. The next resistance is near $1,840 or the 100-hourly Simple Moving Average.<\/p>\n

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

The first key resistance is near the $1,850 level. The next key resistance is near the $1,860 level. A close above the $1,860 level could start a decent increase toward $1,900. Any more gains might send the price toward the $1,920 pivot level, above which the price could rise toward the $2,000 zone.<\/p>\n

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

If Ethereum fails to clear the $1,840 resistance, it could continue to move down. Initial support on the downside is near the $1,810 level.<\/p>\n

The first major support is near the $1,800 zone. If the bulls fail to protect the $1,800 support, there could be more losses. The next major support is near the $1,760 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 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 $1,800<\/p>\n

Major Resistance Level \u2013 $1,850<\/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-28268","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\/28268","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=28268"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/28268\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=28268"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=28268"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=28268"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}