{"id":28590,"date":"2023-08-23T04:53:07","date_gmt":"2023-08-23T08:53:07","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=28590"},"modified":"2023-08-23T04:53:07","modified_gmt":"2023-08-23T08:53:07","slug":"ethereum-price-grinds-lower-as-bears-target-fresh-low-below-1550","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/08\/23\/ethereum-price-grinds-lower-as-bears-target-fresh-low-below-1550\/","title":{"rendered":"Ethereum Price Grinds Lower As Bears Target Fresh Low Below $1,550"},"content":{"rendered":"

Ethereum price is facing many hurdles below the $1,700 resistance against the US Dollar. ETH could extend its decline below the $1,580 and $1,550 levels.<\/em><\/p>\n

Ethereum is still struggling to recover above the $1,700 and $1,720 levels.
\nThe price is trading below $1,680 and the 100-hourly Simple Moving Average.
\nThere is a major bearish trend line forming with resistance near $1,665 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start another decline if it breaks the $1,580 support in the near term.<\/p>\n

Ethereum Price Faces Uphill Task<\/h2>\n

Ethereum\u2019s price failed to climb above the $1,700 resistance zone. ETH started a fresh decline below the $1,650 and $1,620 levels, similar to Bitcoin<\/a>.<\/p>\n

The price even spiked below the $1,600 support and tested $1,580. A low was formed near $1,580 and the price is now attempting a fresh recovery. There was a move above the $1,600 level. The price is now testing the 50% Fib retracement level of the downward move from the $1,693 swing high to the $1,580 low.<\/p>\n

Ether is also trading below $1,680 and the 100-hourly Simple Moving Average<\/a>. Besides, there is a major bearish trend line forming with resistance near $1,665 on the hourly chart of ETH\/USD.<\/p>\n

On the upside, the price might face resistance near the $1,650 level. It is close to the 61.8% Fib retracement level of the downward move from the $1,693 swing high to the $1,580 low. The next resistance is near $1,665 or the 100-hourly Simple Moving Average or the trend line.<\/p>\n\n

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

The main barrier is still 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.<\/p>\n

Another Drop in ETH?<\/h2>\n

If Ethereum fails to clear the $1,665 resistance, it could start another decline. Initial support on the downside is near the $1,600 level.<\/p>\n

The first major support is near the $1,580 zone. If there is a downside break below $1,580, 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 or even to a new low below $1,500.<\/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 $1,580<\/p>\n

Major Resistance Level \u2013 $1,665<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum price is facing many hurdles below the $1,700 resistance against the US Dollar. ETH could extend its decline below the $1,580 and $1,550 levels.<\/em><\/p>\n

Ethereum is still struggling to recover above the $1,700 and $1,720 levels.
\nThe price is trading below $1,680 and the 100-hourly Simple Moving Average.
\nThere is a major bearish trend line forming with resistance near $1,665 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start another decline if it breaks the $1,580 support in the near term.<\/p>\n

Ethereum Price Faces Uphill Task<\/h2>\n

Ethereum\u2019s price failed to climb above the $1,700 resistance zone. ETH started a fresh decline below the $1,650 and $1,620 levels, similar to Bitcoin<\/a>.<\/p>\n

The price even spiked below the $1,600 support and tested $1,580. A low was formed near $1,580 and the price is now attempting a fresh recovery. There was a move above the $1,600 level. The price is now testing the 50% Fib retracement level of the downward move from the $1,693 swing high to the $1,580 low.<\/p>\n

Ether is also trading below $1,680 and the 100-hourly Simple Moving Average<\/a>. Besides, there is a major bearish trend line forming with resistance near $1,665 on the hourly chart of ETH\/USD.<\/p>\n

On the upside, the price might face resistance near the $1,650 level. It is close to the 61.8% Fib retracement level of the downward move from the $1,693 swing high to the $1,580 low. The next resistance is near $1,665 or the 100-hourly Simple Moving Average or the trend line.<\/p>\n

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

The main barrier is still 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.<\/p>\n

Another Drop in ETH?<\/h2>\n

If Ethereum fails to clear the $1,665 resistance, it could start another decline. Initial support on the downside is near the $1,600 level.<\/p>\n

The first major support is near the $1,580 zone. If there is a downside break below $1,580, 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 or even to a new low below $1,500.<\/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 $1,580<\/p>\n

Major Resistance Level \u2013 $1,665<\/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-28590","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\/28590","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=28590"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/28590\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=28590"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=28590"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=28590"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}