{"id":30113,"date":"2023-09-26T03:52:36","date_gmt":"2023-09-26T07:52:36","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=30113"},"modified":"2023-09-26T03:52:36","modified_gmt":"2023-09-26T07:52:36","slug":"ethereum-price-hints-at-potential-correction-but-faces-uphill-task","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/09\/26\/ethereum-price-hints-at-potential-correction-but-faces-uphill-task\/","title":{"rendered":"Ethereum Price Hints At Potential Correction But Faces Uphill Task"},"content":{"rendered":"

Ethereum price is attempting a recovery wave from $1,565 against the US Dollar. ETH could struggle to recover above $1,600 and might resume its decline.<\/em><\/p>\n

Ethereum is slowly moving higher toward the $1,600 resistance zone.
\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 $1,595 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start a fresh decline if it fails to clear the $1,600 resistance zone.<\/p>\n

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

Ethereum\u2019s price started a fresh decline below the $1,620 and $1,600 levels. ETH even declined to a new weekly low below the $1,580 level, unlike Bitcoin<\/a>.<\/p>\n

It traded as low as $1,565 and recently started a short-term upside correction. There was a move above the $1,580 level. The price climbed above the 50% Fib retracement level of the recent drop from the $1,600 swing high to the $1,565 low.<\/p>\n

However, the bears are still active near the $1,600 resistance<\/a>. The price is struggling to clear the 76.4% Fib retracement level of the recent drop from the $1,600 swing high to the $1,565 low.<\/p>\n

Ether is now trading below $1,600 and the 100-hourly Simple Moving Average. There is also a major bearish trend line forming with resistance near $1,595 on the hourly chart of ETH\/USD. On the upside, the price might face resistance near the $1,595 level.<\/p>\n

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

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

The next major resistance is $1,600. A push above $1,600 might send Ethereum toward $1,620. If the bulls succeed in clearing the $1,620 hurdle, the price could start a decent increase toward the $1,650 resistance. Any more gains might open the doors for a move toward $1,700.<\/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 $1,580 level.<\/p>\n

The next key support is $1,565, below which the price could test the $1,540 support. 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 losing momentum in the bearish zone.<\/p>\n

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

Major Support Level \u2013 $1,565<\/p>\n

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

<\/p>\n

Ethereum price is attempting a recovery wave from $1,565 against the US Dollar. ETH could struggle to recover above $1,600 and might resume its decline.<\/em><\/p>\n

Ethereum is slowly moving higher toward the $1,600 resistance zone.
\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 $1,595 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start a fresh decline if it fails to clear the $1,600 resistance zone.<\/p>\n

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

Ethereum\u2019s price started a fresh decline below the $1,620 and $1,600 levels. ETH even declined to a new weekly low below the $1,580 level, unlike Bitcoin<\/a>.<\/p>\n

It traded as low as $1,565 and recently started a short-term upside correction. There was a move above the $1,580 level. The price climbed above the 50% Fib retracement level of the recent drop from the $1,600 swing high to the $1,565 low.<\/p>\n

However, the bears are still active near the $1,600 resistance<\/a>. The price is struggling to clear the 76.4% Fib retracement level of the recent drop from the $1,600 swing high to the $1,565 low.<\/p>\n

Ether is now trading below $1,600 and the 100-hourly Simple Moving Average. There is also a major bearish trend line forming with resistance near $1,595 on the hourly chart of ETH\/USD. On the upside, the price might face resistance near the $1,595 level.<\/p>\n

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

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

The next major resistance is $1,600. A push above $1,600 might send Ethereum toward $1,620. If the bulls succeed in clearing the $1,620 hurdle, the price could start a decent increase toward the $1,650 resistance. Any more gains might open the doors for a move toward $1,700.<\/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 $1,580 level.<\/p>\n

The next key support is $1,565, below which the price could test the $1,540 support. 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 losing momentum in the bearish zone.<\/p>\n

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

Major Support Level \u2013 $1,565<\/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-30113","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\/30113","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=30113"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/30113\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=30113"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=30113"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=30113"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}