{"id":30621,"date":"2023-10-06T04:53:22","date_gmt":"2023-10-06T08:53:22","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=30621"},"modified":"2023-10-06T04:53:22","modified_gmt":"2023-10-06T08:53:22","slug":"ethereum-price-at-risk-of-sharp-decline-unless-eth-clears-this-heavy-resistance","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/10\/06\/ethereum-price-at-risk-of-sharp-decline-unless-eth-clears-this-heavy-resistance\/","title":{"rendered":"Ethereum Price At Risk of Sharp Decline Unless ETH Clears This Heavy Resistance"},"content":{"rendered":"

Ethereum price is slowly moving lower toward the $1,585 support against the US dollar. ETH must clear the $1,650 resistance to start a recovery wave.<\/em><\/p>\n

Ethereum is struggling to stay above the $1,600 support zone.
\nThe price is trading below $1,650 and the 100-hourly Simple Moving Average.
\nThere is a major bearish trend line forming with resistance near $1,645 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start a fresh increase if it clears the $1,650 and $1,665 resistance levels.<\/p>\n

Ethereum Price Grinds Lower<\/h2>\n

Ethereum attempted a recovery wave from the $1,630 zone. ETH climbed above the $1,650 resistance level but upsides were limited, like Bitcoin<\/a>.<\/p>\n

The price struggled to gain pace for a move above the $1,665 resistance level. A high was formed near $1,654 and the price reacted to the downside. It declined below the $1,620 support and even traded close to the $1,600 level. A low is formed near $1,607 and the price is now consolidating losses.<\/p>\n

Ethereum is now trading below $1,650 and the 100-hourly Simple Moving Average. There is also a major bearish trend line forming with resistance near $1,645 on the hourly chart of ETH\/USD.<\/p>\n

On the upside, the price might face resistance near the $1,630 level. It is close to the 50% Fib retracement level of the recent decline from the $1,654 swing high to the $1,607 low. The next major resistance is $1,650, the trend line, and the 100-hourly Simple Moving Average.<\/p>\n

The trend line is close to the 76.4% Fib retracement level of the recent decline from the $1,654 swing high to the $1,607 low. A close above the $1,650 resistance might send the price toward the key resistance at $1,665<\/a>.<\/p>\n

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

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

To start a steady increase, Ether must settle above the $1,650 and $1,665 levels. The next key resistance might be $1,720. Any more gains might open the doors for a move toward $1,750.<\/p>\n

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

If Ethereum fails to clear the $1,650 resistance, it could continue to move down. Initial support on the downside is near the $1,610 level. The next key support is $1,600.<\/p>\n

The first major support is now near $1,585. A downside break below the $1,585 support might start another strong decline. In the stated case, the price could decline toward the $1,540 level. Any more losses may perhaps send Ether 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 $1,585<\/p>\n

Major Resistance Level \u2013 $1,665<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum price is slowly moving lower toward the $1,585 support against the US dollar. ETH must clear the $1,650 resistance to start a recovery wave.<\/em><\/p>\n

Ethereum is struggling to stay above the $1,600 support zone.
\nThe price is trading below $1,650 and the 100-hourly Simple Moving Average.
\nThere is a major bearish trend line forming with resistance near $1,645 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start a fresh increase if it clears the $1,650 and $1,665 resistance levels.<\/p>\n

Ethereum Price Grinds Lower<\/h2>\n

Ethereum attempted a recovery wave from the $1,630 zone. ETH climbed above the $1,650 resistance level but upsides were limited, like Bitcoin<\/a>.<\/p>\n

The price struggled to gain pace for a move above the $1,665 resistance level. A high was formed near $1,654 and the price reacted to the downside. It declined below the $1,620 support and even traded close to the $1,600 level. A low is formed near $1,607 and the price is now consolidating losses.<\/p>\n

Ethereum is now trading below $1,650 and the 100-hourly Simple Moving Average. There is also a major bearish trend line forming with resistance near $1,645 on the hourly chart of ETH\/USD.<\/p>\n

On the upside, the price might face resistance near the $1,630 level. It is close to the 50% Fib retracement level of the recent decline from the $1,654 swing high to the $1,607 low. The next major resistance is $1,650, the trend line, and the 100-hourly Simple Moving Average.<\/p>\n

The trend line is close to the 76.4% Fib retracement level of the recent decline from the $1,654 swing high to the $1,607 low. A close above the $1,650 resistance might send the price toward the key resistance at $1,665<\/a>.<\/p>\n

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

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

To start a steady increase, Ether must settle above the $1,650 and $1,665 levels. The next key resistance might be $1,720. Any more gains might open the doors for a move toward $1,750.<\/p>\n

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

If Ethereum fails to clear the $1,650 resistance, it could continue to move down. Initial support on the downside is near the $1,610 level. The next key support is $1,600.<\/p>\n

The first major support is now near $1,585. A downside break below the $1,585 support might start another strong decline. In the stated case, the price could decline toward the $1,540 level. Any more losses may perhaps send Ether 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 $1,585<\/p>\n

Major Resistance Level \u2013 $1,665<\/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-30621","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\/30621","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=30621"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/30621\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=30621"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=30621"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=30621"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}