{"id":29029,"date":"2023-09-01T04:52:35","date_gmt":"2023-09-01T08:52:35","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=29029"},"modified":"2023-09-01T04:52:35","modified_gmt":"2023-09-01T08:52:35","slug":"ethereum-faces-rejection-yet-again-can-bulls-protect-this-key-support","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/09\/01\/ethereum-faces-rejection-yet-again-can-bulls-protect-this-key-support\/","title":{"rendered":"Ethereum Faces Rejection Yet Again, Can Bulls Protect This Key Support?"},"content":{"rendered":"

Ethereum price failed to reclaim $1,750 and trimmed all gains against the US Dollar. ETH could accelerate lower if it breaks the $1,630 support.<\/em><\/p>\n

Ethereum started a fresh decline below the $1,700 level.
\nThe price is trading below $1,700 and the 100-hourly Simple Moving Average.
\nThere is a key bearish trend line forming with resistance near $1,690 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could extend its decline if there is a close below the $1,630 support.<\/p>\n

Ethereum Price Trimmed Gains<\/h2>\n

Ethereum\u2019s price failed to settle above the $1,700 level. ETH started a fresh decline and gained bearish momentum below the $1,700 level, like Bitcoin<\/a>.<\/p>\n

There was a clear move below the $1,665 level and the price spiked below the $1,640 level. It tested the $1,630 support and is currently consolidating losses. Ether is now trading below $1,700 and the 100-hourly Simple Moving Average<\/a>.<\/p>\n

Besides, there is a key bearish trend line forming with resistance near $1,690 on the hourly chart of ETH\/USD. On the upside, the price might face resistance near the $1,660 level and the 23.6% Fib retracement level of the recent decline from the $1,747 swing high to the $1,630 low.<\/p>\n

The next resistance is near the $1,680 level. The main resistance is now forming near the trend line and $1,700. It is close to the 50% Fib retracement level of the recent decline from the $1,747 swing high to the $1,630 low.<\/p>\n\n

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

A close above the $1,700 level might send the price toward the $1,750 zone. If there is a clear move above $1,750, Ethereum could climb toward the $1,800 resistance. 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 $1,700 resistance, it could continue to move down. Initial support on the downside is near the $1,640 level.<\/p>\n

The first key support is close to $1,630. The next major support is near the $1,600 level. If there is a downside break below $1,600, the price could extend its decline toward the $1,540 level. Any more losses might send the price toward the $1,480 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 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 $1,630<\/p>\n

Major Resistance Level \u2013 $1,700<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum price failed to reclaim $1,750 and trimmed all gains against the US Dollar. ETH could accelerate lower if it breaks the $1,630 support.<\/em><\/p>\n

Ethereum started a fresh decline below the $1,700 level.
\nThe price is trading below $1,700 and the 100-hourly Simple Moving Average.
\nThere is a key bearish trend line forming with resistance near $1,690 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could extend its decline if there is a close below the $1,630 support.<\/p>\n

Ethereum Price Trimmed Gains<\/h2>\n

Ethereum\u2019s price failed to settle above the $1,700 level. ETH started a fresh decline and gained bearish momentum below the $1,700 level, like Bitcoin<\/a>.<\/p>\n

There was a clear move below the $1,665 level and the price spiked below the $1,640 level. It tested the $1,630 support and is currently consolidating losses. Ether is now trading below $1,700 and the 100-hourly Simple Moving Average<\/a>.<\/p>\n

Besides, there is a key bearish trend line forming with resistance near $1,690 on the hourly chart of ETH\/USD. On the upside, the price might face resistance near the $1,660 level and the 23.6% Fib retracement level of the recent decline from the $1,747 swing high to the $1,630 low.<\/p>\n

The next resistance is near the $1,680 level. The main resistance is now forming near the trend line and $1,700. It is close to the 50% Fib retracement level of the recent decline from the $1,747 swing high to the $1,630 low.<\/p>\n

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

A close above the $1,700 level might send the price toward the $1,750 zone. If there is a clear move above $1,750, Ethereum could climb toward the $1,800 resistance. 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 $1,700 resistance, it could continue to move down. Initial support on the downside is near the $1,640 level.<\/p>\n

The first key support is close to $1,630. The next major support is near the $1,600 level. If there is a downside break below $1,600, the price could extend its decline toward the $1,540 level. Any more losses might send the price toward the $1,480 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 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 $1,630<\/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-29029","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\/29029","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=29029"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/29029\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=29029"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=29029"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=29029"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}