{"id":28331,"date":"2023-08-17T04:52:38","date_gmt":"2023-08-17T08:52:38","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=28331"},"modified":"2023-08-17T04:52:38","modified_gmt":"2023-08-17T08:52:38","slug":"ethereum-price-takes-a-bit-hit-main-reasons-1720-or-1650-are-likely-targets-2","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/08\/17\/ethereum-price-takes-a-bit-hit-main-reasons-1720-or-1650-are-likely-targets-2\/","title":{"rendered":"Ethereum Price Takes a Bit Hit: Main Reasons $1,720 or $1,650 Are Likely Targets"},"content":{"rendered":"

Ethereum price is showing bearish signs below the $1,840 zone against the US Dollar. ETH could drop further toward the $1,720 support zone.<\/em><\/p>\n

Ethereum is gaining bearish momentum below the $1,850 and $1,840 resistance levels.
\nThe price is trading below $1,830 and the 100-hourly Simple Moving Average.
\nThere is a connecting bearish trend line forming with resistance near $1,820 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could drop further if it stays below $1,850 in the coming days.<\/p>\n

Ethereum Price Extends Losses<\/h2>\n

Ethereum\u2019s price failed to recover above the $1,850 resistance zone. ETH remained in a bearish zone and extended its decline below the $1,820 level, similar to Bitcoin<\/a>.<\/p>\n

The bears were able to push the price below the $1,800 level. A low is formed near $1,778 and the price is now consolidating losses. There was a recovery wave above the $1,795 level. The price is now trading near the 23.6% Fib retracement level of the recent drop from the $1,853 swing high to the $1,778 low.<\/p>\n

Ether is now trading below $1,830 and the 100-hourly Simple Moving Average<\/a>. There is also a connecting bearish trend line forming with resistance near $1,820 on the hourly chart of ETH\/USD.<\/p>\n

On the upside, the price might face resistance near the $1,815 level or the trend line. It is close to the 50% Fib retracement level of the recent drop from the $1,853 swing high to the $1,778 low. The next resistance is near $1,830 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 $1,835 level. The next key resistance is near the $1,850 level. A close above the $1,850 level could start a decent increase toward $1,880. Any more gains might send the price toward the $1,920 resistance, 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 $1,820 resistance, it could continue to move down. Initial support on the downside is near the $1,780 level.<\/p>\n

The first major support is near the $1,750 zone. If the bulls fail to protect the $1,750 support, there could be more losses. The next major support is near the $1,720 support level. Any more losses might send the price toward the $1,650 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 $1,780<\/p>\n

Major Resistance Level \u2013 $1,820<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum price is showing bearish signs below the $1,840 zone against the US Dollar. ETH could drop further toward the $1,720 support zone.<\/em><\/p>\n

Ethereum is gaining bearish momentum below the $1,850 and $1,840 resistance levels.
\nThe price is trading below $1,830 and the 100-hourly Simple Moving Average.
\nThere is a connecting bearish trend line forming with resistance near $1,820 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could drop further if it stays below $1,850 in the coming days.<\/p>\n

Ethereum Price Extends Losses<\/h2>\n

Ethereum\u2019s price failed to recover above the $1,850 resistance zone. ETH remained in a bearish zone and extended its decline below the $1,820 level, similar to Bitcoin<\/a>.<\/p>\n

The bears were able to push the price below the $1,800 level. A low is formed near $1,778 and the price is now consolidating losses. There was a recovery wave above the $1,795 level. The price is now trading near the 23.6% Fib retracement level of the recent drop from the $1,853 swing high to the $1,778 low.<\/p>\n

Ether is now trading below $1,830 and the 100-hourly Simple Moving Average<\/a>. There is also a connecting bearish trend line forming with resistance near $1,820 on the hourly chart of ETH\/USD.<\/p>\n

On the upside, the price might face resistance near the $1,815 level or the trend line. It is close to the 50% Fib retracement level of the recent drop from the $1,853 swing high to the $1,778 low. The next resistance is near $1,830 or the 100-hourly Simple Moving Average.<\/p>\n

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

The first key resistance is near the $1,835 level. The next key resistance is near the $1,850 level. A close above the $1,850 level could start a decent increase toward $1,880. Any more gains might send the price toward the $1,920 resistance, 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 $1,820 resistance, it could continue to move down. Initial support on the downside is near the $1,780 level.<\/p>\n

The first major support is near the $1,750 zone. If the bulls fail to protect the $1,750 support, there could be more losses. The next major support is near the $1,720 support level. Any more losses might send the price toward the $1,650 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 $1,780<\/p>\n

Major Resistance Level \u2013 $1,820<\/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-28331","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\/28331","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=28331"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/28331\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=28331"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=28331"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=28331"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}