{"id":29468,"date":"2023-09-12T04:52:36","date_gmt":"2023-09-12T08:52:36","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=29468"},"modified":"2023-09-12T04:52:36","modified_gmt":"2023-09-12T08:52:36","slug":"ethereum-price-just-saw-key-technical-correction-but-upsides-remain-capped","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/09\/12\/ethereum-price-just-saw-key-technical-correction-but-upsides-remain-capped\/","title":{"rendered":"Ethereum Price Just Saw Key Technical Correction But Upsides Remain Capped"},"content":{"rendered":"

Ethereum price extended its decline below the $1,550 support against the US Dollar. ETH is recovering losses, but upsides might be capped near $1,620.<\/em><\/p>\n

Ethereum gained bearish momentum below $1,580 and $1,550.
\nThe price is trading below $1,600 and the 100-hourly Simple Moving Average.
\nThere is a key bearish trend line forming with resistance near $1,605 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could correct higher but the bears might remain active near $1,600 and $1,620.<\/p>\n

Ethereum Price Breaks Down<\/h2>\n

Ethereum\u2019s price failed to settle above the $1,620 pivot level. ETH started a fresh decline and settled below the $1,600 level, like Bitcoin<\/a>.<\/p>\n

There was a drop below the $1,580 and $1,550 levels. It retested the $1,530 zone. A low has formed near $1,530 and the price is now correcting losses. There was a minor increase above the $1,550 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $1,670 swing high to the $1,530 low.<\/p>\n

Ether is now trading below $1,600 and the 100-hourly Simple Moving Average<\/a>. Besides, there is a key bearish trend line forming with resistance near $1,605 on the hourly chart of ETH\/USD.<\/p>\n

On the upside, the price might face resistance near the $1,600 level or the 50% Fib retracement level of the downward move from the $1,670 swing high to the $1,530 low. The next resistance is near the $1,605 level or the trend line.<\/p>\n\n

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

The first major resistance is near $1,620, above which the price could rise toward the $1,650 level. The next major hurdle is near the $1,670 level. A close above the $1,670 level might send Ethereum further higher toward $1,750.<\/p>\n

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

If Ethereum fails to clear the $1,600 resistance, it could start another decline. Initial support on the downside is near the $1,550 level.<\/p>\n

The first key support is close to $1,530. The next key support is $1,500. A downside break below $1,500 might spark more bearish moves. In the stated case, there could be a drop toward the $1,440 level in the near term.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is slowly 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 $1,530<\/p>\n

Major Resistance Level \u2013 $1,620<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum price extended its decline below the $1,550 support against the US Dollar. ETH is recovering losses, but upsides might be capped near $1,620.<\/em><\/p>\n

Ethereum gained bearish momentum below $1,580 and $1,550.
\nThe price is trading below $1,600 and the 100-hourly Simple Moving Average.
\nThere is a key bearish trend line forming with resistance near $1,605 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could correct higher but the bears might remain active near $1,600 and $1,620.<\/p>\n

Ethereum Price Breaks Down<\/h2>\n

Ethereum\u2019s price failed to settle above the $1,620 pivot level. ETH started a fresh decline and settled below the $1,600 level, like Bitcoin<\/a>.<\/p>\n

There was a drop below the $1,580 and $1,550 levels. It retested the $1,530 zone. A low has formed near $1,530 and the price is now correcting losses. There was a minor increase above the $1,550 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $1,670 swing high to the $1,530 low.<\/p>\n

Ether is now trading below $1,600 and the 100-hourly Simple Moving Average<\/a>. Besides, there is a key bearish trend line forming with resistance near $1,605 on the hourly chart of ETH\/USD.<\/p>\n

On the upside, the price might face resistance near the $1,600 level or the 50% Fib retracement level of the downward move from the $1,670 swing high to the $1,530 low. The next resistance is near the $1,605 level or the trend line.<\/p>\n

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

The first major resistance is near $1,620, above which the price could rise toward the $1,650 level. The next major hurdle is near the $1,670 level. A close above the $1,670 level might send Ethereum further higher toward $1,750.<\/p>\n

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

If Ethereum fails to clear the $1,600 resistance, it could start another decline. Initial support on the downside is near the $1,550 level.<\/p>\n

The first key support is close to $1,530. The next key support is $1,500. A downside break below $1,500 might spark more bearish moves. In the stated case, there could be a drop toward the $1,440 level in the near term.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is slowly 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 $1,530<\/p>\n

Major Resistance Level \u2013 $1,620<\/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-29468","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\/29468","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=29468"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/29468\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=29468"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=29468"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=29468"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}