{"id":30442,"date":"2023-10-03T05:52:39","date_gmt":"2023-10-03T09:52:39","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=30442"},"modified":"2023-10-03T05:52:39","modified_gmt":"2023-10-03T09:52:39","slug":"ethereum-price-trims-gains-but-heres-why-eth-could-start-fresh-rally","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/10\/03\/ethereum-price-trims-gains-but-heres-why-eth-could-start-fresh-rally\/","title":{"rendered":"Ethereum Price Trims Gains But Here\u2019s Why ETH Could Start Fresh Rally"},"content":{"rendered":"

Ethereum price corrected gains from the $1,750 zone against the US dollar. ETH is holding the key $1,620 support and might start a fresh rally.<\/em><\/p>\n

Ethereum is correcting gains from the $1,755 high.
\nThe price is trading below $1,700 and the 100-hourly Simple Moving Average.
\nThere was a break below a connecting bullish trend line with support near $1,690 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start a fresh increase unless there is a close below the $1,620 support.<\/p>\n

Ethereum Price Corrects Gains<\/h2>\n

Ethereum\u2019s price extended its increase above the $1,720 level. ETH even spiked above the $1,750 resistance zone before the bears appeared, like Bitcoin<\/a>.<\/p>\n

A high was formed near $1,755 before there was a downside correction. There was a move below the $1,700 support level and the 100-hourly Simple Moving Average<\/a>. The price declined below the 50% Fib retracement level of the upward move from the $1,583 swing low to the $1,755 high.<\/p>\n

Besides, there was a break below a connecting bullish trend line with support near $1,690 on the hourly chart of ETH\/USD. Ethereum is now trading below $1,700 and the 100-hourly Simple Moving Average.<\/p>\n

However, the price is still above the 61.8% Fib retracement level of the upward move from the $1,583 swing low to the $1,755 high. On the upside, the price might face resistance near the $1,670 level and the 100-hourly Simple Moving Average.<\/p>\n

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

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

The next major resistance is $1,700. A clear move above the $1,700 resistance zone could set the pace for a fresh increase. In the stated case, the price could visit the $1,750 resistance. The next key resistance might be $1,820. Any more gains might open the doors for a move toward $1,880.<\/p>\n

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

If Ethereum fails to clear the $1,700 resistance, it could continue to move down. Initial support on the downside is near the $1,650 level. The next key support is $1,620.<\/p>\n

A downside break below the $1,620 support might start another strong bearish wave. In the stated case, there could be a drop toward the $1,580 level. Any more losses might call for a test of $1,550.<\/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 $1,620<\/p>\n

Major Resistance Level \u2013 $1,700<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum price corrected gains from the $1,750 zone against the US dollar. ETH is holding the key $1,620 support and might start a fresh rally.<\/em><\/p>\n

Ethereum is correcting gains from the $1,755 high.
\nThe price is trading below $1,700 and the 100-hourly Simple Moving Average.
\nThere was a break below a connecting bullish trend line with support near $1,690 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start a fresh increase unless there is a close below the $1,620 support.<\/p>\n

Ethereum Price Corrects Gains<\/h2>\n

Ethereum\u2019s price extended its increase above the $1,720 level. ETH even spiked above the $1,750 resistance zone before the bears appeared, like Bitcoin<\/a>.<\/p>\n

A high was formed near $1,755 before there was a downside correction. There was a move below the $1,700 support level and the 100-hourly Simple Moving Average<\/a>. The price declined below the 50% Fib retracement level of the upward move from the $1,583 swing low to the $1,755 high.<\/p>\n

Besides, there was a break below a connecting bullish trend line with support near $1,690 on the hourly chart of ETH\/USD. Ethereum is now trading below $1,700 and the 100-hourly Simple Moving Average.<\/p>\n

However, the price is still above the 61.8% Fib retracement level of the upward move from the $1,583 swing low to the $1,755 high. On the upside, the price might face resistance near the $1,670 level and the 100-hourly Simple Moving Average.<\/p>\n

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

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

The next major resistance is $1,700. A clear move above the $1,700 resistance zone could set the pace for a fresh increase. In the stated case, the price could visit the $1,750 resistance. The next key resistance might be $1,820. Any more gains might open the doors for a move toward $1,880.<\/p>\n

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

If Ethereum fails to clear the $1,700 resistance, it could continue to move down. Initial support on the downside is near the $1,650 level. The next key support is $1,620.<\/p>\n

A downside break below the $1,620 support might start another strong bearish wave. In the stated case, there could be a drop toward the $1,580 level. Any more losses might call for a test of $1,550.<\/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 $1,620<\/p>\n

Major Resistance Level \u2013 $1,700<\/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-30442","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\/30442","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=30442"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/30442\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=30442"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=30442"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=30442"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}