{"id":29917,"date":"2023-09-21T04:52:44","date_gmt":"2023-09-21T08:52:44","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=29917"},"modified":"2023-09-21T04:52:44","modified_gmt":"2023-09-21T08:52:44","slug":"ethereum-price-grinds-lower-but-key-support-is-still-intact","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/09\/21\/ethereum-price-grinds-lower-but-key-support-is-still-intact\/","title":{"rendered":"Ethereum Price Grinds Lower But Key Support Is Still Intact"},"content":{"rendered":"

Ethereum price corrected lower from the $1,670 resistance against the US Dollar. ETH could take a major hit if it breaks the $1,600 support.<\/em><\/p>\n

Ethereum started a bearish wave from the $1,660 resistance.
\nThe price is trading below $1,640 and the 100-hourly Simple Moving Average.
\nThere is a key bearish trend line forming with resistance near $1,640 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair must stay above the $1,600 support zone to start another increase in the short term.<\/p>\n

Ethereum Price Slides Further<\/h2>\n

Ethereum\u2019s price failed to clear the $1,660 and $1,670 resistance levels. As a result, ETH started another decline and traded below the $1,630 support, like Bitcoin<\/a>.<\/p>\n

The price moved below the $1,620 support as well. However, the bulls are active near the $1,600 level. A low is formed near $1,606 and the price is now consolidating losses. It is trading near the 23.6% Fib retracement level of the downward move from the $1,659 swing high to the $1,606 low.<\/p>\n

Ether is now trading below $1,640 and the 100-hourly Simple Moving Average. There is also a key bearish trend line forming with resistance near $1,640 on the hourly chart of ETH\/USD.<\/p>\n

On the upside, the price might face resistance near the $1,630 level and the 100-hourly Simple Moving Average<\/a>. The next resistance is near the $1,640 level and the trend line. The trend line is also near the 61.8% Fib retracement level of the downward move from the $1,659 swing high to the $1,606 low.<\/p>\n\n

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

The main resistance is now forming near $1,660. A close above the $1,660 resistance might send the price toward the $1,720 resistance. The next major barrier is near the $1,750 level. A close above the $1,750 level might send Ethereum further higher toward $1,820.<\/p>\n

More Losses in ETH?<\/h2>\n

If Ethereum fails to clear the $1,640 resistance, it could start another decline. Initial support on the downside is near the $1,600 level.<\/p>\n

A downside break below $1,600 might accelerate losses. The next key support is close to $1,540, below which the price could even test the $1,500 level. The next key support is $1,440.<\/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 below the 50 level.<\/p>\n

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

Major Resistance Level \u2013 $1,640<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum price corrected lower from the $1,670 resistance against the US Dollar. ETH could take a major hit if it breaks the $1,600 support.<\/em><\/p>\n

Ethereum started a bearish wave from the $1,660 resistance.
\nThe price is trading below $1,640 and the 100-hourly Simple Moving Average.
\nThere is a key bearish trend line forming with resistance near $1,640 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair must stay above the $1,600 support zone to start another increase in the short term.<\/p>\n

Ethereum Price Slides Further<\/h2>\n

Ethereum\u2019s price failed to clear the $1,660 and $1,670 resistance levels. As a result, ETH started another decline and traded below the $1,630 support, like Bitcoin<\/a>.<\/p>\n

The price moved below the $1,620 support as well. However, the bulls are active near the $1,600 level. A low is formed near $1,606 and the price is now consolidating losses. It is trading near the 23.6% Fib retracement level of the downward move from the $1,659 swing high to the $1,606 low.<\/p>\n

Ether is now trading below $1,640 and the 100-hourly Simple Moving Average. There is also a key bearish trend line forming with resistance near $1,640 on the hourly chart of ETH\/USD.<\/p>\n

On the upside, the price might face resistance near the $1,630 level and the 100-hourly Simple Moving Average<\/a>. The next resistance is near the $1,640 level and the trend line. The trend line is also near the 61.8% Fib retracement level of the downward move from the $1,659 swing high to the $1,606 low.<\/p>\n

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

The main resistance is now forming near $1,660. A close above the $1,660 resistance might send the price toward the $1,720 resistance. The next major barrier is near the $1,750 level. A close above the $1,750 level might send Ethereum further higher toward $1,820.<\/p>\n

More Losses in ETH?<\/h2>\n

If Ethereum fails to clear the $1,640 resistance, it could start another decline. Initial support on the downside is near the $1,600 level.<\/p>\n

A downside break below $1,600 might accelerate losses. The next key support is close to $1,540, below which the price could even test the $1,500 level. The next key support is $1,440.<\/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 below the 50 level.<\/p>\n

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

Major Resistance Level \u2013 $1,640<\/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-29917","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\/29917","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=29917"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/29917\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=29917"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=29917"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=29917"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}