{"id":28850,"date":"2023-08-29T04:53:48","date_gmt":"2023-08-29T08:53:48","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=28850"},"modified":"2023-08-29T04:53:48","modified_gmt":"2023-08-29T08:53:48","slug":"ethereum-bulls-put-up-fight-but-can-they-clear-this-major-hurdle","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/08\/29\/ethereum-bulls-put-up-fight-but-can-they-clear-this-major-hurdle\/","title":{"rendered":"Ethereum Bulls Put Up Fight But Can They Clear This Major Hurdle?"},"content":{"rendered":"

Ethereum price is attempting a recovery wave above $1,650 against the US Dollar. ETH must clear $1,660 and $1,700 to start a steady increase.<\/em><\/p>\n

Ethereum is struggling to rise above the $1,660 and $1,670 levels.
\nThe price is trading near $1,650 and the 100-hourly Simple Moving Average.
\nThere was a break above a connecting bearish trend line with resistance near $1,650 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start a decent increase if it clears $1,660 and then $1,700.<\/p>\n

Ethereum Price Lacks Momentum<\/h2>\n

Ethereum\u2019s price managed to settle above the $1,640 level. It seems like ETH is attempting a recovery wave above the $1,650 resistance zone, like Bitcoin<\/a>.<\/p>\n

Recently, there was a break above a connecting bearish trend line with resistance near $1,650 on the hourly chart of ETH\/USD. However, the bulls are facing resistance near $1,660 or the 50% Fib retracement level of the downward move from the $1,698 swing high to the $1,621 low.<\/p>\n

Ether is now trading near $1,650 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1,660 level. The next resistance is near the $1,670 level or the 61.8% Fib retracement level of the downward move from the $1,698 swing high to the $1,621 low.<\/p>\n\n

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

A close above the $1,670 level might send the price toward the $1,700 pivot zone. To start a decent increase, Ethereum must settle above the $1,700 level<\/a>. In the stated case, the price might rise toward the $1,780 level. Any more gains might send the price toward the $1,850 resistance.<\/p>\n

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

If Ethereum fails to clear the $1,660 resistance, it could start another decline. Initial support on the downside is near the $1,640 level.<\/p>\n

The next key support is close to $1,620. If there is a downside break below $1,620, the price could accelerate lower toward the $1,5800 level. Any more losses might send the price toward the $1,540 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 above the 50 level.<\/p>\n

Major Support Level \u2013 $1,640<\/p>\n

Major Resistance Level \u2013 $1,660<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum price is attempting a recovery wave above $1,650 against the US Dollar. ETH must clear $1,660 and $1,700 to start a steady increase.<\/em><\/p>\n

Ethereum is struggling to rise above the $1,660 and $1,670 levels.
\nThe price is trading near $1,650 and the 100-hourly Simple Moving Average.
\nThere was a break above a connecting bearish trend line with resistance near $1,650 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start a decent increase if it clears $1,660 and then $1,700.<\/p>\n

Ethereum Price Lacks Momentum<\/h2>\n

Ethereum\u2019s price managed to settle above the $1,640 level. It seems like ETH is attempting a recovery wave above the $1,650 resistance zone, like Bitcoin<\/a>.<\/p>\n

Recently, there was a break above a connecting bearish trend line with resistance near $1,650 on the hourly chart of ETH\/USD. However, the bulls are facing resistance near $1,660 or the 50% Fib retracement level of the downward move from the $1,698 swing high to the $1,621 low.<\/p>\n

Ether is now trading near $1,650 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1,660 level. The next resistance is near the $1,670 level or the 61.8% Fib retracement level of the downward move from the $1,698 swing high to the $1,621 low.<\/p>\n

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

A close above the $1,670 level might send the price toward the $1,700 pivot zone. To start a decent increase, Ethereum must settle above the $1,700 level<\/a>. In the stated case, the price might rise toward the $1,780 level. Any more gains might send the price toward the $1,850 resistance.<\/p>\n

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

If Ethereum fails to clear the $1,660 resistance, it could start another decline. Initial support on the downside is near the $1,640 level.<\/p>\n

The next key support is close to $1,620. If there is a downside break below $1,620, the price could accelerate lower toward the $1,5800 level. Any more losses might send the price toward the $1,540 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 above the 50 level.<\/p>\n

Major Support Level \u2013 $1,640<\/p>\n

Major Resistance Level \u2013 $1,660<\/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-28850","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\/28850","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=28850"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/28850\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=28850"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=28850"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=28850"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}