{"id":29099,"date":"2023-09-04T04:53:49","date_gmt":"2023-09-04T08:53:49","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=29099"},"modified":"2023-09-04T04:53:49","modified_gmt":"2023-09-04T08:53:49","slug":"ethereum-bears-hold-strong-why-eth-could-resume-downtrend-below-1600","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/09\/04\/ethereum-bears-hold-strong-why-eth-could-resume-downtrend-below-1600\/","title":{"rendered":"Ethereum Bears Hold Strong \u2013 Why ETH Could Resume Downtrend Below $1,600"},"content":{"rendered":"

Ethereum price tested the $1,600 zone and is currently recovering against the US Dollar. ETH is facing many hurdles near $1,650 and $1,670.<\/em><\/p>\n

Ethereum started a recovery wave from the $1,600 support level.
\nThe price is trading below $1,650 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 fresh increase unless there is a close above the $1,700 level.<\/p>\n

Ethereum Price Faces Key Resistance<\/h2>\n

Ethereum\u2019s price extended its decline below the $1,650 support zone. ETH price even spiked below the $1,620 and tested the $1,600 handle, like Bitcoin<\/a>.<\/p>\n

A low was formed near $1,600 and the price recently started an upside correction. There was a move above the $1,620 and $1,630 levels. The price climbed above the 23.6% Fib retracement level of the downward move from the $1,748 swing high to the $1,600 low.<\/p>\n

Ether is still trading below $1,650 and the 100-hourly Simple Moving Average. Besides, there is a connecting bearish trend line<\/a> forming with resistance near $1,665 on the hourly chart of ETH\/USD.<\/p>\n

On the upside, the price might face resistance near the $1,650 level and the 100 hourly SMA. The next resistance is near the $1,660 level and the trend line. It is close to the 50% Fib retracement level of the downward move from the $1,748 swing high to the $1,600 low.<\/p>\n\n

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

A close above the $1,665 level might send the price toward the $1,700 zone. To start a fresh increase, Ethereum must settle above the $1,700 pivot level. The next resistance might be near $1,750. Any more gains might send the price toward the $1,800 resistance.<\/p>\n

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

If Ethereum fails to clear the $1,665 resistance, it could start another decline. Initial support on the downside is near the $1,630 level.<\/p>\n

The first key support is close to $1,600. The next major support is near the $1,580 level. If there is a downside break below $1,580, 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 above the 50 level.<\/p>\n

Major Support Level \u2013 $1,600<\/p>\n

Major Resistance Level \u2013 $1,665<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum price tested the $1,600 zone and is currently recovering against the US Dollar. ETH is facing many hurdles near $1,650 and $1,670.<\/em><\/p>\n

Ethereum started a recovery wave from the $1,600 support level.
\nThe price is trading below $1,650 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 fresh increase unless there is a close above the $1,700 level.<\/p>\n

Ethereum Price Faces Key Resistance<\/h2>\n

Ethereum\u2019s price extended its decline below the $1,650 support zone. ETH price even spiked below the $1,620 and tested the $1,600 handle, like Bitcoin<\/a>.<\/p>\n

A low was formed near $1,600 and the price recently started an upside correction. There was a move above the $1,620 and $1,630 levels. The price climbed above the 23.6% Fib retracement level of the downward move from the $1,748 swing high to the $1,600 low.<\/p>\n

Ether is still trading below $1,650 and the 100-hourly Simple Moving Average. Besides, there is a connecting bearish trend line<\/a> forming with resistance near $1,665 on the hourly chart of ETH\/USD.<\/p>\n

On the upside, the price might face resistance near the $1,650 level and the 100 hourly SMA. The next resistance is near the $1,660 level and the trend line. It is close to the 50% Fib retracement level of the downward move from the $1,748 swing high to the $1,600 low.<\/p>\n

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

A close above the $1,665 level might send the price toward the $1,700 zone. To start a fresh increase, Ethereum must settle above the $1,700 pivot level. The next resistance might be near $1,750. Any more gains might send the price toward the $1,800 resistance.<\/p>\n

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

If Ethereum fails to clear the $1,665 resistance, it could start another decline. Initial support on the downside is near the $1,630 level.<\/p>\n

The first key support is close to $1,600. The next major support is near the $1,580 level. If there is a downside break below $1,580, 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 above the 50 level.<\/p>\n

Major Support Level \u2013 $1,600<\/p>\n

Major Resistance Level \u2013 $1,665<\/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-29099","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\/29099","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=29099"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/29099\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=29099"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=29099"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=29099"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}