{"id":28478,"date":"2023-08-21T04:52:53","date_gmt":"2023-08-21T08:52:53","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=28478"},"modified":"2023-08-21T04:52:53","modified_gmt":"2023-08-21T08:52:53","slug":"ethereum-price-saw-key-technical-correction-but-100-sma-is-still-strong","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/08\/21\/ethereum-price-saw-key-technical-correction-but-100-sma-is-still-strong\/","title":{"rendered":"Ethereum Price Saw Key Technical Correction, But 100 SMA Is Still Strong"},"content":{"rendered":"

Ethereum price is attempting a recovery wave above the $1,620 level against the US Dollar. ETH could start a fresh decline if it stays below the 100 hourly SMA.<\/em><\/p>\n

Ethereum is struggling to recover above the $1,690 and $1,700 levels.
\nThe price is trading below $1,700 and the 100-hourly Simple Moving Average.
\nThere was a break above a connecting bearish trend line with resistance near $1,670 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could resume its decline if it stays below the $1,700 level in the near term.<\/p>\n

Ethereum Price Faces Hurdles<\/h2>\n

Ethereum\u2019s price declined heavily below the $1,700 level<\/a>. ETH tested the $1,520 zone and recently started a decent recovery wave, similar to Bitcoin<\/a>.<\/p>\n

There was a move above the $1,550 and $1,600 levels. The price climbed above the 50% Fib retracement level of the downward move from the $1,825 swing high to the $1,518 low. Besides, there was a break above a connecting bearish trend line with resistance near $1,670 on the hourly chart of ETH\/USD.<\/p>\n

However, the bears are still active below the $1,680 level. Ether is also trading below $1,700 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1,690 level. The next resistance is near $1,700 or the 100-hourly Simple Moving Average.<\/p>\n\n

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

The 61.8% Fib retracement level of the downward move from the $1,825 swing high to the $1,518 low is also near the $1,700 zone. A close above the $1,700 level could start a decent increase in the near term. The next major resistance is near the $1,750 level. 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 $1,700 resistance, it could continue to move down. Initial support on the downside is near the $1,640 level.<\/p>\n

The first major support is near the $1,600 zone. If the bulls fail to protect the $1,600 support, there could be more losses. The next major support is near the $1,550 support level. Any more losses might send the price toward the $1,520 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 near the 50 level.<\/p>\n

Major Support Level \u2013 $1,600<\/p>\n

Major Resistance Level \u2013 $1,700<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum price is attempting a recovery wave above the $1,620 level against the US Dollar. ETH could start a fresh decline if it stays below the 100 hourly SMA.<\/em><\/p>\n

Ethereum is struggling to recover above the $1,690 and $1,700 levels.
\nThe price is trading below $1,700 and the 100-hourly Simple Moving Average.
\nThere was a break above a connecting bearish trend line with resistance near $1,670 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could resume its decline if it stays below the $1,700 level in the near term.<\/p>\n

Ethereum Price Faces Hurdles<\/h2>\n

Ethereum\u2019s price declined heavily below the $1,700 level<\/a>. ETH tested the $1,520 zone and recently started a decent recovery wave, similar to Bitcoin<\/a>.<\/p>\n

There was a move above the $1,550 and $1,600 levels. The price climbed above the 50% Fib retracement level of the downward move from the $1,825 swing high to the $1,518 low. Besides, there was a break above a connecting bearish trend line with resistance near $1,670 on the hourly chart of ETH\/USD.<\/p>\n

However, the bears are still active below the $1,680 level. Ether is also trading below $1,700 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1,690 level. The next resistance is near $1,700 or the 100-hourly Simple Moving Average.<\/p>\n

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

The 61.8% Fib retracement level of the downward move from the $1,825 swing high to the $1,518 low is also near the $1,700 zone. A close above the $1,700 level could start a decent increase in the near term. The next major resistance is near the $1,750 level. 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 $1,700 resistance, it could continue to move down. Initial support on the downside is near the $1,640 level.<\/p>\n

The first major support is near the $1,600 zone. If the bulls fail to protect the $1,600 support, there could be more losses. The next major support is near the $1,550 support level. Any more losses might send the price toward the $1,520 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 near the 50 level.<\/p>\n

Major Support Level \u2013 $1,600<\/p>\n

Major Resistance Level \u2013 $1,700<\/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-28478","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\/28478","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=28478"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/28478\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=28478"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=28478"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=28478"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}