{"id":30061,"date":"2023-09-25T04:53:20","date_gmt":"2023-09-25T08:53:20","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=30061"},"modified":"2023-09-25T04:53:20","modified_gmt":"2023-09-25T08:53:20","slug":"ethereum-price-just-saw-bearish-breakdown-can-bulls-save-the-day","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/09\/25\/ethereum-price-just-saw-bearish-breakdown-can-bulls-save-the-day\/","title":{"rendered":"Ethereum Price Just Saw Bearish Breakdown: Can Bulls Save The Day?"},"content":{"rendered":"

Ethereum price dropped further below $1,600 against the US Dollar. ETH is in the red zone and might dive toward the $1,500 support zone.<\/em><\/p>\n

Ethereum is gaining pace below the $1,600 support zone.
\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 $1,600 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair is struggling and might dive further toward the $1,500 support in the short term.<\/p>\n

Ethereum Price Extends Losses<\/h2>\n

Ethereum\u2019s price remained in a bearish zone below the $1,660 and $1,670 resistance levels. ETH declined below the $1,600 support level to move further enter a bearish zone, like Bitcoin<\/a>.<\/p>\n

The price even declined below the $1,580 level and settled below the 100-hourly Simple Moving Average<\/a>. A low was formed near $1,571 and the price is now consolidating losses. The price is testing the 23.6% Fib retracement level of the recent decline from the $1,600 swing high to the $1,571 low.<\/p>\n

Ether is now trading below $1,580 and the 100-hourly Simple Moving Average. There is also a key bearish trend line forming with resistance near $1,600 on the hourly chart of ETH\/USD.<\/p>\n

On the upside, the price might face resistance near the $1,590 level. It is close to the 61.8% Fib retracement level of the recent decline from the $1,600 swing high to the $1,571 low. The next major resistance is near $1,600 and the trend line.<\/p>\n

<\/a><\/p>\n

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

The main hurdle is now forming near $1,620. A close above the $1,620 resistance might send the price toward the $1,650 resistance. If the bulls pump Ethereum above $1,650, the price could rise toward $1,720. Any more gains might open the doors for a move toward $1,820.<\/p>\n

More Losses 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 $1,570 level.<\/p>\n

The next key support is $1,540. A downside break below $1,540 might push the price further into a bearish zone. In the stated case, there could be a drop toward the $1,500 level.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is 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 $1,570<\/p>\n

Major Resistance Level \u2013 $1,600<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum price dropped further below $1,600 against the US Dollar. ETH is in the red zone and might dive toward the $1,500 support zone.<\/em><\/p>\n

Ethereum is gaining pace below the $1,600 support zone.
\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 $1,600 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair is struggling and might dive further toward the $1,500 support in the short term.<\/p>\n

Ethereum Price Extends Losses<\/h2>\n

Ethereum\u2019s price remained in a bearish zone below the $1,660 and $1,670 resistance levels. ETH declined below the $1,600 support level to move further enter a bearish zone, like Bitcoin<\/a>.<\/p>\n

The price even declined below the $1,580 level and settled below the 100-hourly Simple Moving Average<\/a>. A low was formed near $1,571 and the price is now consolidating losses. The price is testing the 23.6% Fib retracement level of the recent decline from the $1,600 swing high to the $1,571 low.<\/p>\n

Ether is now trading below $1,580 and the 100-hourly Simple Moving Average. There is also a key bearish trend line forming with resistance near $1,600 on the hourly chart of ETH\/USD.<\/p>\n

On the upside, the price might face resistance near the $1,590 level. It is close to the 61.8% Fib retracement level of the recent decline from the $1,600 swing high to the $1,571 low. The next major resistance is near $1,600 and the trend line.<\/p>\n

<\/a><\/p>\n

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

The main hurdle is now forming near $1,620. A close above the $1,620 resistance might send the price toward the $1,650 resistance. If the bulls pump Ethereum above $1,650, the price could rise toward $1,720. Any more gains might open the doors for a move toward $1,820.<\/p>\n

More Losses 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 $1,570 level.<\/p>\n

The next key support is $1,540. A downside break below $1,540 might push the price further into a bearish zone. In the stated case, there could be a drop toward the $1,500 level.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is 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 $1,570<\/p>\n

Major Resistance Level \u2013 $1,600<\/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-30061","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\/30061","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=30061"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/30061\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=30061"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=30061"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=30061"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}