{"id":30241,"date":"2023-09-28T04:52:47","date_gmt":"2023-09-28T08:52:47","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=30241"},"modified":"2023-09-28T04:52:47","modified_gmt":"2023-09-28T08:52:47","slug":"ethereum-price-faces-rejection-but-bulls-are-not-out-of-woods-yet","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/09\/28\/ethereum-price-faces-rejection-but-bulls-are-not-out-of-woods-yet\/","title":{"rendered":"Ethereum Price Faces Rejection But Bulls Are Not Out of Woods Yet"},"content":{"rendered":"

Ethereum price is attempting a fresh increase above $1,620 against the US Dollar. ETH must settle above $1,620 and $1,650 to start a decent increase.<\/em><\/p>\n

Ethereum is attempting a recovery wave above the $1,600 level.
\nThe price is trading above $1,600 and the 100-hourly Simple Moving Average.
\nThere is a key bullish trend line forming with support near $1,600 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start a decent increase if there is a close above $1,620 and $1,650.<\/p>\n

Ethereum Price Holds Ground<\/h2>\n

Ethereum\u2019s price remained well-supported above the $1,580 level. ETH formed a base above $1,600 and recently moved a few points higher, like Bitcoin<\/a>.<\/p>\n

There was a move above the $1,620 level but upsides were limited. A high was formed near $1,633 before there was a strong bearish reaction. The price trimmed most gains and revisited the $1,580 zone. A low is formed near $1,583 and the price is now rising.<\/p>\n

Ethereum is trading above $1,600 and the 100-hourly Simple Moving Average<\/a>. There is also a key bullish trend line forming with support near $1,600 on the hourly chart of ETH\/USD.<\/p>\n

On the upside, the price might face resistance near the $1,608 level or the 50% Fib retracement level of the recent decline from the $1,633 swing high to the $1,583 low. The next major resistance is $1,620. It is close to the 76.4% Fib retracement level of the recent decline from the $1,633 swing high to the $1,583 low.<\/p>\n

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

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

A push above $1,620 might send Ether further higher in the coming sessions. The main hurdle is still near the $1,650 and $1,660 levels. If the bulls succeed in clearing the $1,660 hurdle, the price could start a decent increase toward the $1,720 resistance. Any more gains might open the doors for a move toward $1,800.<\/p>\n

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

If Ethereum fails to clear the $1,620 resistance, it could start another decline. Initial support on the downside is near the $1,600 level and the trend line.<\/p>\n

The next key support is $1,580, below which the price could test the $1,540 support. A downside break below the $1,540 support might spark strong bearish moves. In the stated case, there could be a drop toward the $1,450 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 $1,580<\/p>\n

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

<\/p>\n

Ethereum price is attempting a fresh increase above $1,620 against the US Dollar. ETH must settle above $1,620 and $1,650 to start a decent increase.<\/em><\/p>\n

Ethereum is attempting a recovery wave above the $1,600 level.
\nThe price is trading above $1,600 and the 100-hourly Simple Moving Average.
\nThere is a key bullish trend line forming with support near $1,600 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start a decent increase if there is a close above $1,620 and $1,650.<\/p>\n

Ethereum Price Holds Ground<\/h2>\n

Ethereum\u2019s price remained well-supported above the $1,580 level. ETH formed a base above $1,600 and recently moved a few points higher, like Bitcoin<\/a>.<\/p>\n

There was a move above the $1,620 level but upsides were limited. A high was formed near $1,633 before there was a strong bearish reaction. The price trimmed most gains and revisited the $1,580 zone. A low is formed near $1,583 and the price is now rising.<\/p>\n

Ethereum is trading above $1,600 and the 100-hourly Simple Moving Average<\/a>. There is also a key bullish trend line forming with support near $1,600 on the hourly chart of ETH\/USD.<\/p>\n

On the upside, the price might face resistance near the $1,608 level or the 50% Fib retracement level of the recent decline from the $1,633 swing high to the $1,583 low. The next major resistance is $1,620. It is close to the 76.4% Fib retracement level of the recent decline from the $1,633 swing high to the $1,583 low.<\/p>\n

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

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

A push above $1,620 might send Ether further higher in the coming sessions. The main hurdle is still near the $1,650 and $1,660 levels. If the bulls succeed in clearing the $1,660 hurdle, the price could start a decent increase toward the $1,720 resistance. Any more gains might open the doors for a move toward $1,800.<\/p>\n

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

If Ethereum fails to clear the $1,620 resistance, it could start another decline. Initial support on the downside is near the $1,600 level and the trend line.<\/p>\n

The next key support is $1,580, below which the price could test the $1,540 support. A downside break below the $1,540 support might spark strong bearish moves. In the stated case, there could be a drop toward the $1,450 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 $1,580<\/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-30241","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\/30241","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=30241"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/30241\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=30241"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=30241"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=30241"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}