{"id":29743,"date":"2023-09-18T04:53:28","date_gmt":"2023-09-18T08:53:28","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=29743"},"modified":"2023-09-18T04:53:28","modified_gmt":"2023-09-18T08:53:28","slug":"ethereum-price-gains-are-slowing-but-not-likely-over-heres-why","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/09\/18\/ethereum-price-gains-are-slowing-but-not-likely-over-heres-why\/","title":{"rendered":"Ethereum Price Gains are Slowing but Not Likely Over \u2013 Here\u2019s Why"},"content":{"rendered":"

Ethereum price faced resistance near $1,650 against the US Dollar. ETH corrected gains but the $1,620 support might spark another upward movement.<\/em><\/p>\n

Ethereum is eyeing a key upside break above the $1,650 resistance.
\nThe price is trading above $1,625 and the 100-hourly Simple Moving Average.
\nThere was a break above a connecting bearish trend line with resistance near $1,625 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could gain bullish momentum if there is a close above $1,650 and $1,670.<\/p>\n

Ethereum Price Aims Higher<\/h2>\n

Ethereum\u2019s price was able to climb further above the $1,620 resistance<\/a>. However, ETH struggled to gain strength for a move above the $1,650 resistance, like Bitcoin.<\/p>\n

There was a downside correction below the $1,630 level. The price even spiked below $1,620 but the downsides were limited. A low was formed near $1,613 and the price is now moving higher. There was a break above the $1,620 level and the 23.6% Fib retracement level of the recent decline from the $1,652 swing high to the $1,613 low.<\/p>\n

Besides, there was a break above a connecting bearish trend line with resistance near $1,625 on the hourly chart of ETH\/USD. Ether is now trading above $1,625 and the 100-hourly Simple Moving Average<\/a>.<\/p>\n

On the upside, the price might face resistance near the $1,635 level or the 76.4% Fib retracement level of the recent decline from the $1,652 swing high to the $1,613 low at $1,642. The next resistance is near the $1,650 level. A close above the $1,650 resistance might send the price toward the $1,670 resistance.<\/p>\n\n

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

If there is a close above $1,670, the price might start a strong increase. The next major hurdle is near the $1,750 level. A close above the $1,750 level might send Ethereum further higher toward $1,880.<\/p>\n

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

If Ethereum fails to clear the $1,650 resistance, it could start another decline. Initial support on the downside is near the $1,620 level.<\/p>\n

The first key support is close to $1,610. The next key support is $1,585. A downside break below $1,585 might start another bearish wave. In the stated case, the price could even decline toward the $1,520 level in the near term.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is gaining momentum in the bullish zone.<\/p>\n

Hourly RSI \u2013 <\/strong>The RSI for ETH\/USD is now above the 50 level.<\/p>\n

Major Support Level \u2013 $1,610<\/p>\n

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

<\/p>\n

Ethereum price faced resistance near $1,650 against the US Dollar. ETH corrected gains but the $1,620 support might spark another upward movement.<\/em><\/p>\n

Ethereum is eyeing a key upside break above the $1,650 resistance.
\nThe price is trading above $1,625 and the 100-hourly Simple Moving Average.
\nThere was a break above a connecting bearish trend line with resistance near $1,625 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could gain bullish momentum if there is a close above $1,650 and $1,670.<\/p>\n

Ethereum Price Aims Higher<\/h2>\n

Ethereum\u2019s price was able to climb further above the $1,620 resistance<\/a>. However, ETH struggled to gain strength for a move above the $1,650 resistance, like Bitcoin.<\/p>\n

There was a downside correction below the $1,630 level. The price even spiked below $1,620 but the downsides were limited. A low was formed near $1,613 and the price is now moving higher. There was a break above the $1,620 level and the 23.6% Fib retracement level of the recent decline from the $1,652 swing high to the $1,613 low.<\/p>\n

Besides, there was a break above a connecting bearish trend line with resistance near $1,625 on the hourly chart of ETH\/USD. Ether is now trading above $1,625 and the 100-hourly Simple Moving Average<\/a>.<\/p>\n

On the upside, the price might face resistance near the $1,635 level or the 76.4% Fib retracement level of the recent decline from the $1,652 swing high to the $1,613 low at $1,642. The next resistance is near the $1,650 level. A close above the $1,650 resistance might send the price toward the $1,670 resistance.<\/p>\n

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

If there is a close above $1,670, the price might start a strong increase. The next major hurdle is near the $1,750 level. A close above the $1,750 level might send Ethereum further higher toward $1,880.<\/p>\n

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

If Ethereum fails to clear the $1,650 resistance, it could start another decline. Initial support on the downside is near the $1,620 level.<\/p>\n

The first key support is close to $1,610. The next key support is $1,585. A downside break below $1,585 might start another bearish wave. In the stated case, the price could even decline toward the $1,520 level in the near term.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is gaining momentum in the bullish zone.<\/p>\n

Hourly RSI \u2013 <\/strong>The RSI for ETH\/USD is now above the 50 level.<\/p>\n

Major Support Level \u2013 $1,610<\/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-29743","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\/29743","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=29743"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/29743\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=29743"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=29743"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=29743"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}