{"id":29539,"date":"2023-09-13T04:52:59","date_gmt":"2023-09-13T08:52:59","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=29539"},"modified":"2023-09-13T04:52:59","modified_gmt":"2023-09-13T08:52:59","slug":"ethereum-price-faces-uphill-task-and-could-restart-decline-to-1500","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/09\/13\/ethereum-price-faces-uphill-task-and-could-restart-decline-to-1500\/","title":{"rendered":"Ethereum Price Faces Uphill Task and Could Restart Decline To $1,500"},"content":{"rendered":"

Ethereum price is attempting a recovery wave above $1,580 against the US Dollar. ETH is struggling to clear $1,620 and might start another decline.<\/em><\/p>\n

Ethereum is struggling to gain pace for a move above $1,600 and $1,620.
\nThe price is trading below $1,600 and the 100-hourly Simple Moving Average.
\nThere is a major bearish trend line forming with resistance near $1,600 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start another decline unless there is a close above $1,620.<\/p>\n

Ethereum Price Struggles Above $1,600<\/h2>\n

Ethereum\u2019s price started an upside correction from the $1,530 level. ETH managed to recover above the $1,560 and $1,580 resistance levels, like Bitcoin<\/a>.<\/p>\n

The bulls even pushed the price above the 50% Fib retracement level of the key decline from the $1,670 swing high to the $1,530 low. The price climbed above the $1,600 resistance level and the 100-hourly Simple Moving Average. However, the bears took a stand near the key resistance at $1,620<\/a>.<\/p>\n

Ether failed to clear the 61.8% Fib retracement level of the key decline from the $1,670 swing high to the $1,530 low. There is also a major bearish trend line forming with resistance near $1,600 on the hourly chart of ETH\/USD.<\/p>\n

Ethereum is now trading below $1,600 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1,595 level or the trend line. The next resistance is near the $1,620 level. A close above the $1,620 resistance might send the price toward the $1,670 resistance.<\/p>\n\n

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

The next major hurdle is near the $1,720 level. A close above the $1,720 level might send Ethereum further higher toward $1,800.<\/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 $1,565 level.<\/p>\n

The first key support is close to $1,550. The next key support is $1,530. A downside break below $1,530 might push the price further lower toward the $1,500 zone. In the stated case, the price could even decline 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 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 $1,550<\/p>\n

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

<\/p>\n

Ethereum price is attempting a recovery wave above $1,580 against the US Dollar. ETH is struggling to clear $1,620 and might start another decline.<\/em><\/p>\n

Ethereum is struggling to gain pace for a move above $1,600 and $1,620.
\nThe price is trading below $1,600 and the 100-hourly Simple Moving Average.
\nThere is a major bearish trend line forming with resistance near $1,600 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start another decline unless there is a close above $1,620.<\/p>\n

Ethereum Price Struggles Above $1,600<\/h2>\n

Ethereum\u2019s price started an upside correction from the $1,530 level. ETH managed to recover above the $1,560 and $1,580 resistance levels, like Bitcoin<\/a>.<\/p>\n

The bulls even pushed the price above the 50% Fib retracement level of the key decline from the $1,670 swing high to the $1,530 low. The price climbed above the $1,600 resistance level and the 100-hourly Simple Moving Average. However, the bears took a stand near the key resistance at $1,620<\/a>.<\/p>\n

Ether failed to clear the 61.8% Fib retracement level of the key decline from the $1,670 swing high to the $1,530 low. There is also a major bearish trend line forming with resistance near $1,600 on the hourly chart of ETH\/USD.<\/p>\n

Ethereum is now trading below $1,600 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1,595 level or the trend line. The next resistance is near the $1,620 level. A close above the $1,620 resistance might send the price toward the $1,670 resistance.<\/p>\n

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

The next major hurdle is near the $1,720 level. A close above the $1,720 level might send Ethereum further higher toward $1,800.<\/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 $1,565 level.<\/p>\n

The first key support is close to $1,550. The next key support is $1,530. A downside break below $1,530 might push the price further lower toward the $1,500 zone. In the stated case, the price could even decline 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 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 $1,550<\/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-29539","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\/29539","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=29539"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/29539\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=29539"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=29539"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=29539"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}