{"id":28799,"date":"2023-08-28T04:53:18","date_gmt":"2023-08-28T08:53:18","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=28799"},"modified":"2023-08-28T04:53:18","modified_gmt":"2023-08-28T08:53:18","slug":"ethereum-price-looks-ready-for-another-leg-lower-below-1620","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/08\/28\/ethereum-price-looks-ready-for-another-leg-lower-below-1620\/","title":{"rendered":"Ethereum Price Looks Ready For Another Leg Lower Below $1,620"},"content":{"rendered":"

Ethereum price is struggling to clear the $1,670 resistance against the US Dollar. ETH could start another decline if it breaks the $1,640 support.<\/em><\/p>\n

Ethereum is struggling to rise above the $1,660 and $1,670 levels.
\nThe price is trading below $1,660 and the 100-hourly Simple Moving Average.
\nThere is a key bearish trend line forming with resistance near $1,660 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start another decline if it stays below $1,670 for a few more sessions.<\/p>\n

Ethereum Price Turns At Risk<\/h2>\n

Ethereum\u2019s price started a recovery wave above the $1,640 level. However, ETH price seems to be struggling to rise above the $1,660 and $1,670 levels, like Bitcoin<\/a>.<\/p>\n

It is now showing bearish signs below the $1,670 level but also holding the 50% Fib retracement level of the key increase from the $1,580 swing low to the $1,698 high. Ether is also trading below $1,660 and the 100-hourly Simple Moving Average<\/a>.<\/p>\n

Besides, there is a key bearish trend line forming with resistance near $1,660 on the hourly chart of ETH\/USD. If the price stays above the $1,640 support zone, the bulls could attempt a fresh increase.<\/p>\n\n

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

On the upside, the price might face resistance near the $1,660 level and the trend line zone. The next resistance is near the $1,670 level. A close above the $1,670 level might send the price toward the $1,700 pivot zone. The next major resistance is near the $1,720 level, above which the price could rise toward the $1,780 level. Any more gains might send the price toward the $1,850 resistance.<\/p>\n

More Losses in ETH?<\/h2>\n

If Ethereum fails to clear the $1,670 resistance, it could continue to move down. Initial support on the downside is near the $1,640 level. The first major support is near the $1,620 zone or the 61.8% Fib retracement level of the key increase from the $1,580 swing low to the $1,698 high.<\/p>\n

The next key support is close to $1,580. If there is a downside break below $1,580, the price could accelerate lower toward the $1,500 level. Any more losses might send the price toward the $1,440 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 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 $1,670<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum price is struggling to clear the $1,670 resistance against the US Dollar. ETH could start another decline if it breaks the $1,640 support.<\/em><\/p>\n

Ethereum is struggling to rise above the $1,660 and $1,670 levels.
\nThe price is trading below $1,660 and the 100-hourly Simple Moving Average.
\nThere is a key bearish trend line forming with resistance near $1,660 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start another decline if it stays below $1,670 for a few more sessions.<\/p>\n

Ethereum Price Turns At Risk<\/h2>\n

Ethereum\u2019s price started a recovery wave above the $1,640 level. However, ETH price seems to be struggling to rise above the $1,660 and $1,670 levels, like Bitcoin<\/a>.<\/p>\n

It is now showing bearish signs below the $1,670 level but also holding the 50% Fib retracement level of the key increase from the $1,580 swing low to the $1,698 high. Ether is also trading below $1,660 and the 100-hourly Simple Moving Average<\/a>.<\/p>\n

Besides, there is a key bearish trend line forming with resistance near $1,660 on the hourly chart of ETH\/USD. If the price stays above the $1,640 support zone, the bulls could attempt a fresh increase.<\/p>\n

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

On the upside, the price might face resistance near the $1,660 level and the trend line zone. The next resistance is near the $1,670 level. A close above the $1,670 level might send the price toward the $1,700 pivot zone. The next major resistance is near the $1,720 level, above which the price could rise toward the $1,780 level. Any more gains might send the price toward the $1,850 resistance.<\/p>\n

More Losses in ETH?<\/h2>\n

If Ethereum fails to clear the $1,670 resistance, it could continue to move down. Initial support on the downside is near the $1,640 level. The first major support is near the $1,620 zone or the 61.8% Fib retracement level of the key increase from the $1,580 swing low to the $1,698 high.<\/p>\n

The next key support is close to $1,580. If there is a downside break below $1,580, the price could accelerate lower toward the $1,500 level. Any more losses might send the price toward the $1,440 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 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 $1,670<\/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-28799","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\/28799","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=28799"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/28799\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=28799"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=28799"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=28799"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}