{"id":28397,"date":"2023-08-18T04:52:42","date_gmt":"2023-08-18T08:52:42","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=28397"},"modified":"2023-08-18T04:52:42","modified_gmt":"2023-08-18T08:52:42","slug":"ethereum-price-trend-overwhelmingly-negative-as-bears-aim-1500","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/08\/18\/ethereum-price-trend-overwhelmingly-negative-as-bears-aim-1500\/","title":{"rendered":"Ethereum Price Trend Overwhelmingly Negative As Bears Aim $1,500"},"content":{"rendered":"

Ethereum price declined heavily below $1,800 and $1,700 against the US Dollar. ETH could resume its decline and test the $1,500 support zone.<\/em><\/p>\n

Ethereum is gaining bearish momentum below the $1,750 and $1,800 resistance levels.
\nThe price is trading below $1,750 and the 100-hourly Simple Moving Average.
\nThere is a key bearish trend line forming with resistance near $1,750 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could resume its decline and visit the $1,500 support in the near term.<\/p>\n

Ethereum Price Nosedives<\/h2>\n

Ethereum\u2019s price started a major decline after it broke the $1,800 support zone. ETH gained bearish momentum after it traded below the $1,720 support, similar to Bitcoin<\/a>.<\/p>\n

The bears even pushed the price below the $1,600 level. Finally, it tested the $1,520 zone. A low is formed near $1,517 and the price is now attempting a recovery wave. There was a move above the $1,600 level. The price is now trading above the 50% Fib retracement level of the downward move from the $1,826 swing high to the $1,517 low.<\/p>\n

Ether is now trading below $1,750 and the 100-hourly Simple Moving Average<\/a>. There is also a key bearish trend line forming with resistance near $1,750 on the hourly chart of ETH\/USD.<\/p>\n

On the upside, the price might face resistance near the $1,700 level. It is close to the 61.8% Fib retracement level of the downward move from the $1,826 swing high to the $1,517 low. The next resistance is near $1,750 or the trend line.<\/p>\n\n

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

A close above the $1,750 level could start a decent increase in the near term. The next major resistance is near the $1,800 level and the 100-hourly Simple Moving Average. Any more gains might send the price toward the $1,820 resistance, above which the price could rise toward the $1.880 zone.<\/p>\n

Fresh Decline in ETH?<\/h2>\n

If Ethereum fails to clear the $1,750 resistance, it could continue to move down. Initial support on the downside is near the $1,620 level.<\/p>\n

The first major support is near the $1,550 zone. If the bulls fail to protect the $1,550 support, there could be more losses. The next major support is near the $1,520 support level. Any more losses might send the price toward the $1,500 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 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 $1,620<\/p>\n

Major Resistance Level \u2013 $1,750<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum price declined heavily below $1,800 and $1,700 against the US Dollar. ETH could resume its decline and test the $1,500 support zone.<\/em><\/p>\n

Ethereum is gaining bearish momentum below the $1,750 and $1,800 resistance levels.
\nThe price is trading below $1,750 and the 100-hourly Simple Moving Average.
\nThere is a key bearish trend line forming with resistance near $1,750 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could resume its decline and visit the $1,500 support in the near term.<\/p>\n

Ethereum Price Nosedives<\/h2>\n

Ethereum\u2019s price started a major decline after it broke the $1,800 support zone. ETH gained bearish momentum after it traded below the $1,720 support, similar to Bitcoin<\/a>.<\/p>\n

The bears even pushed the price below the $1,600 level. Finally, it tested the $1,520 zone. A low is formed near $1,517 and the price is now attempting a recovery wave. There was a move above the $1,600 level. The price is now trading above the 50% Fib retracement level of the downward move from the $1,826 swing high to the $1,517 low.<\/p>\n

Ether is now trading below $1,750 and the 100-hourly Simple Moving Average<\/a>. There is also a key bearish trend line forming with resistance near $1,750 on the hourly chart of ETH\/USD.<\/p>\n

On the upside, the price might face resistance near the $1,700 level. It is close to the 61.8% Fib retracement level of the downward move from the $1,826 swing high to the $1,517 low. The next resistance is near $1,750 or the trend line.<\/p>\n

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

A close above the $1,750 level could start a decent increase in the near term. The next major resistance is near the $1,800 level and the 100-hourly Simple Moving Average. Any more gains might send the price toward the $1,820 resistance, above which the price could rise toward the $1.880 zone.<\/p>\n

Fresh Decline in ETH?<\/h2>\n

If Ethereum fails to clear the $1,750 resistance, it could continue to move down. Initial support on the downside is near the $1,620 level.<\/p>\n

The first major support is near the $1,550 zone. If the bulls fail to protect the $1,550 support, there could be more losses. The next major support is near the $1,520 support level. Any more losses might send the price toward the $1,500 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 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 $1,620<\/p>\n

Major Resistance Level \u2013 $1,750<\/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-28397","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\/28397","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=28397"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/28397\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=28397"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=28397"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=28397"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}