{"id":28909,"date":"2023-08-30T03:53:15","date_gmt":"2023-08-30T07:53:15","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=28909"},"modified":"2023-08-30T03:53:15","modified_gmt":"2023-08-30T07:53:15","slug":"ethereum-rally-loses-steam-why-eth-could-revisit-resistance-turned-support","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/08\/30\/ethereum-rally-loses-steam-why-eth-could-revisit-resistance-turned-support\/","title":{"rendered":"Ethereum Rally Loses Steam, Why ETH Could Revisit Resistance Turned Support"},"content":{"rendered":"

Ethereum price rallied above the $1,700 resistance against the US Dollar. ETH struggled near $1,750 and is currently correcting gains.<\/em><\/p>\n

Ethereum gained momentum above the $1,660 and $1,670 levels.
\nThe price is trading above $1,700 and the 100-hourly Simple Moving Average.
\nThere was a break above a key bearish trend line with resistance near $1,650 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair is now correcting gains from the $1,750 resistance.<\/p>\n

Ethereum Price Rally Stalls<\/h2>\n

Ethereum\u2019s price was able to start a decent increase from the $1,620 zone. ETH formed a base and started a steady increase above the $1,650 resistance, like Bitcoin<\/a>.<\/p>\n

There was a break above a key bearish trend line with resistance near $1,650 on the hourly chart of ETH\/USD. The pair climbed higher above the $1,670 and $1,700 resistance levels. However, the bears were active near the $1,750 zone.<\/p>\n

A high is formed near $1,747 and the price is now correcting gains. There was a move below the $1,720 level. The price declined below the 23.6% Fib retracement level of the upward move from the $1,639 swing low to the $1,747 high.<\/p>\n

Ether is now trading above $1,700 and the 100-hourly Simple Moving Average<\/a>. On the upside, the price might face resistance near the $1,725 level. The next resistance is near the $1,750 level.<\/p>\n\n

A close above the $1,750 level might send the price toward the $1,850 zone. If there is a clear move above $1,850, Ethereum could rise toward the $1,920 resistance. Any more gains might send the price toward the $2,000 resistance.<\/p>\n

Are Dips Supported in ETH?<\/h2>\n

If Ethereum fails to clear the $1,750 resistance, it could continue to move down. Initial support on the downside is near the $1,700 level. The first key support is close to $1,680 or the 61.8% Fib retracement level of the upward move from the $1,639 swing low to the $1,747 high.<\/p>\n

The next major support is near the $1,660 level. If there is a downside break below $1,660, the price could accelerate lower toward the $1,620 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 $1,680<\/p>\n

Major Resistance Level \u2013 $1,750<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum price rallied above the $1,700 resistance against the US Dollar. ETH struggled near $1,750 and is currently correcting gains.<\/em><\/p>\n

Ethereum gained momentum above the $1,660 and $1,670 levels.
\nThe price is trading above $1,700 and the 100-hourly Simple Moving Average.
\nThere was a break above a key bearish trend line with resistance near $1,650 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair is now correcting gains from the $1,750 resistance.<\/p>\n

Ethereum Price Rally Stalls<\/h2>\n

Ethereum\u2019s price was able to start a decent increase from the $1,620 zone. ETH formed a base and started a steady increase above the $1,650 resistance, like Bitcoin<\/a>.<\/p>\n

There was a break above a key bearish trend line with resistance near $1,650 on the hourly chart of ETH\/USD. The pair climbed higher above the $1,670 and $1,700 resistance levels. However, the bears were active near the $1,750 zone.<\/p>\n

A high is formed near $1,747 and the price is now correcting gains. There was a move below the $1,720 level. The price declined below the 23.6% Fib retracement level of the upward move from the $1,639 swing low to the $1,747 high.<\/p>\n

Ether is now trading above $1,700 and the 100-hourly Simple Moving Average<\/a>. On the upside, the price might face resistance near the $1,725 level. The next resistance is near the $1,750 level.<\/p>\n

A close above the $1,750 level might send the price toward the $1,850 zone. If there is a clear move above $1,850, Ethereum could rise toward the $1,920 resistance. Any more gains might send the price toward the $2,000 resistance.<\/p>\n

Are Dips Supported in ETH?<\/h2>\n

If Ethereum fails to clear the $1,750 resistance, it could continue to move down. Initial support on the downside is near the $1,700 level. The first key support is close to $1,680 or the 61.8% Fib retracement level of the upward move from the $1,639 swing low to the $1,747 high.<\/p>\n

The next major support is near the $1,660 level. If there is a downside break below $1,660, the price could accelerate lower toward the $1,620 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 $1,680<\/p>\n

Major Resistance Level \u2013 $1,750<\/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-28909","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\/28909","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=28909"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/28909\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=28909"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=28909"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=28909"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}