{"id":29414,"date":"2023-09-11T04:52:35","date_gmt":"2023-09-11T08:52:35","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=29414"},"modified":"2023-09-11T04:52:35","modified_gmt":"2023-09-11T08:52:35","slug":"this-confluence-of-bearish-factors-shows-ethereum-could-decline-heavily","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/09\/11\/this-confluence-of-bearish-factors-shows-ethereum-could-decline-heavily\/","title":{"rendered":"This Confluence Of Bearish Factors Shows Ethereum Could Decline Heavily"},"content":{"rendered":"

Ethereum price failed to settle above $1,650 and trimmed gains against the US Dollar. ETH is now trading in a bearish zone and could decline heavily.<\/em><\/p>\n

Ethereum peaked near $1,670 and started a fresh decline.
\nThe price is trading below $1,650 and the 100-hourly Simple Moving Average.
\nThere is a key bearish trend line forming with resistance near $1,620 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could gain bearish momentum if there is a close below $1,600 and $1,580.<\/p>\n

Ethereum Price Turns Red<\/h2>\n

Ethereum\u2019s price attempted a fresh increase<\/a> above the $1,620 pivot level. ETH even broke the $1,650 resistance but the bears were active near the $1,670 level.<\/p>\n

As a result, the price failed to continue higher and started a fresh decline below $1,650, like Bitcoin<\/a>. There was a downside break below the $1,620 level and the 100-hourly Simple Moving Average. The price even retested the $1,600 support zone.<\/p>\n

A low is formed near $1,600 and the price is now consolidating losses. Ether is now trading below $1,650 and the 100-hourly Simple Moving Average. Besides, there is a key bearish trend line forming with resistance near $1,620 on the hourly chart of ETH\/USD. The trend line is close to the 23.6% Fib retracement level of the downward move from the $1,669 swing high to the $1,600 low.<\/p>\n

On the upside, the price might face resistance near the $1,620 level and the trend line. The next resistance is near the $1,635 level or the 50% Fib retracement level of the downward move from the $1,669 swing high to the $1,600 low.<\/p>\n\n

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

The first major resistance is near $1,650, above which the price could rise toward the $1,670 level. The next major hurdle is near the $1,700 level. A close above the $1,700 level might send Ethereum further higher toward $1,750.<\/p>\n

Downside Break in ETH?<\/h2>\n

If Ethereum fails to clear the $1,620 resistance, it could start another decline. Initial support on the downside is near the $1,600 level.<\/p>\n

The first key support is close to $1,580. The next key support is $1,540. A downside break below $1,540 might start a major decline toward $1,450. If there is a downside break below $1,450, the price could test the $1,320 support level.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is slowly gaining 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 $1,600<\/p>\n

Major Resistance Level \u2013 $1,650<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum price failed to settle above $1,650 and trimmed gains against the US Dollar. ETH is now trading in a bearish zone and could decline heavily.<\/em><\/p>\n

Ethereum peaked near $1,670 and started a fresh decline.
\nThe price is trading below $1,650 and the 100-hourly Simple Moving Average.
\nThere is a key bearish trend line forming with resistance near $1,620 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could gain bearish momentum if there is a close below $1,600 and $1,580.<\/p>\n

Ethereum Price Turns Red<\/h2>\n

Ethereum\u2019s price attempted a fresh increase<\/a> above the $1,620 pivot level. ETH even broke the $1,650 resistance but the bears were active near the $1,670 level.<\/p>\n

As a result, the price failed to continue higher and started a fresh decline below $1,650, like Bitcoin<\/a>. There was a downside break below the $1,620 level and the 100-hourly Simple Moving Average. The price even retested the $1,600 support zone.<\/p>\n

A low is formed near $1,600 and the price is now consolidating losses. Ether is now trading below $1,650 and the 100-hourly Simple Moving Average. Besides, there is a key bearish trend line forming with resistance near $1,620 on the hourly chart of ETH\/USD. The trend line is close to the 23.6% Fib retracement level of the downward move from the $1,669 swing high to the $1,600 low.<\/p>\n

On the upside, the price might face resistance near the $1,620 level and the trend line. The next resistance is near the $1,635 level or the 50% Fib retracement level of the downward move from the $1,669 swing high to the $1,600 low.<\/p>\n

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

The first major resistance is near $1,650, above which the price could rise toward the $1,670 level. The next major hurdle is near the $1,700 level. A close above the $1,700 level might send Ethereum further higher toward $1,750.<\/p>\n

Downside Break in ETH?<\/h2>\n

If Ethereum fails to clear the $1,620 resistance, it could start another decline. Initial support on the downside is near the $1,600 level.<\/p>\n

The first key support is close to $1,580. The next key support is $1,540. A downside break below $1,540 might start a major decline toward $1,450. If there is a downside break below $1,450, the price could test the $1,320 support level.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is slowly gaining 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 $1,600<\/p>\n

Major Resistance Level \u2013 $1,650<\/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-29414","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\/29414","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=29414"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/29414\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=29414"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=29414"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=29414"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}