{"id":28713,"date":"2023-08-25T04:52:44","date_gmt":"2023-08-25T08:52:44","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=28713"},"modified":"2023-08-25T04:52:44","modified_gmt":"2023-08-25T08:52:44","slug":"ethereum-whales-accumulate-can-price-start-recovery-now","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/08\/25\/ethereum-whales-accumulate-can-price-start-recovery-now\/","title":{"rendered":"Ethereum Whales Accumulate \u2013 Can Price Start Recovery Now?"},"content":{"rendered":"

Ethereum price is struggling to rise above $1,700 against the US Dollar. ETH whales seem to accumulate, and the $1,620 support could be the key.<\/em><\/p>\n

Ethereum is struggling to rise above the $1,680 and $1,700 levels.
\nThe price is trading below $1,670 and the 100-hourly Simple Moving Average.
\nThere is a connecting bearish trend line forming with resistance near $1,665 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start a decent increase above the $1,670 and $1,700 resistance levels.<\/p>\n

Ethereum Price Holds Support<\/h2>\n

Ethereum\u2019s price started a short-term upside correction above the $1,650 level. ETH even climbed above the $1,670 level but the bears were active near the $1,700 zone, like Bitcoin<\/a>.<\/p>\n

The price traded as high as $1,698 and is currently moving lower. There was a drop below the $1,670 level. The price even tested the 50% Fib retracement level of the upward move from the $1,580 swing low to the $1,698 high.<\/p>\n

Ether is now trading below $1,670 and the 100-hourly Simple Moving Average<\/a>. There is also a connecting bearish trend line forming with resistance near $1,665 on the hourly chart of ETH\/USD.<\/p>\n\n

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

On the upside, the price might face resistance near the $1,670 level and the trend line zone. The next resistance is near the $1,700 zone. To start a decent recovery wave, the price must settle above the $1,700 zone. The next major resistance is near the $1,780 level, above which the price could rise toward the $1,820 level. Any more gains might send the price toward the $1,920 resistance.<\/p>\n

More Losses 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 $1,620 zone or the 61.8% Fib retracement level of the upward move from the $1,580 swing low to the $1,698 high. The next key support is close to $1,600. If there is a downside break below $1,600, 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 $1,440 level or even $1,320.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is losing momentum in the bullish 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 $1,700<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum price is struggling to rise above $1,700 against the US Dollar. ETH whales seem to accumulate, and the $1,620 support could be the key.<\/em><\/p>\n

Ethereum is struggling to rise above the $1,680 and $1,700 levels.
\nThe price is trading below $1,670 and the 100-hourly Simple Moving Average.
\nThere is a connecting bearish trend line forming with resistance near $1,665 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start a decent increase above the $1,670 and $1,700 resistance levels.<\/p>\n

Ethereum Price Holds Support<\/h2>\n

Ethereum\u2019s price started a short-term upside correction above the $1,650 level. ETH even climbed above the $1,670 level but the bears were active near the $1,700 zone, like Bitcoin<\/a>.<\/p>\n

The price traded as high as $1,698 and is currently moving lower. There was a drop below the $1,670 level. The price even tested the 50% Fib retracement level of the upward move from the $1,580 swing low to the $1,698 high.<\/p>\n

Ether is now trading below $1,670 and the 100-hourly Simple Moving Average<\/a>. There is also a connecting bearish trend line forming with resistance near $1,665 on the hourly chart of ETH\/USD.<\/p>\n

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

On the upside, the price might face resistance near the $1,670 level and the trend line zone. The next resistance is near the $1,700 zone. To start a decent recovery wave, the price must settle above the $1,700 zone. The next major resistance is near the $1,780 level, above which the price could rise toward the $1,820 level. Any more gains might send the price toward the $1,920 resistance.<\/p>\n

More Losses 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 $1,620 zone or the 61.8% Fib retracement level of the upward move from the $1,580 swing low to the $1,698 high. The next key support is close to $1,600. If there is a downside break below $1,600, 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 $1,440 level or even $1,320.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is losing momentum in the bullish 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 $1,700<\/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-28713","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\/28713","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=28713"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/28713\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=28713"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=28713"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=28713"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}