{"id":30745,"date":"2023-10-10T04:52:39","date_gmt":"2023-10-10T08:52:39","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=30745"},"modified":"2023-10-10T04:52:39","modified_gmt":"2023-10-10T08:52:39","slug":"ethereum-price-grinds-lower-and-its-vulnerable-to-a-drop-below-1500","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/10\/10\/ethereum-price-grinds-lower-and-its-vulnerable-to-a-drop-below-1500\/","title":{"rendered":"Ethereum Price Grinds Lower And It\u2019s Vulnerable to a Drop Below $1,500"},"content":{"rendered":"

Ethereum price struggled to clear $1,660 and reacted to the downside against the US dollar. ETH remains at risk of more losses if it breaks the $1,550 support.<\/em><\/p>\n

Ethereum resumed its decline and retested the $1,550 support.
\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 $1,610 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could accelerate lower if there is a close below the $1,550 support zone.<\/p>\n

Ethereum Price Dives Again<\/h2>\n

Ethereum failed to settle above the $1,665 resistance zone<\/a>. ETH started a fresh decline from the $1,665 resistance zone and dived below the $1,650 level.<\/p>\n

The bears pushed the price below the $1,600 level and the 100-hourly Simple Moving Average. Ether retested the $1,550 support. A low was formed near $1,549 and the price is now attempting a recovery wave. There was a move above the 23.6% Fib retracement level of the recent decline from the $1,664 swing high to the $1,549 low.<\/p>\n

Ethereum is now trading below $1,600 and the 100-hourly Simple Moving Average. There is also a key bearish trend line forming with resistance near $1,610 on the hourly chart of ETH\/USD.<\/p>\n

On the upside, the price might face resistance near the $1,600 level. The first major resistance is near the trend line and $1,610. It is close to the 50% Fib retracement level of the recent decline from the $1,664 swing high to the $1,549 low.<\/p>\n

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

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

The next major resistance is $1,620 or the 100-hourly Simple Moving Average, above which the price could rise toward the $1,665 resistance zone<\/a>. A close above the $1,665 resistance might send the price toward the key resistance at $1,750. The next key resistance might be $1,820. Any more gains might open the doors for a move toward $1,880.<\/p>\n

Downside Break in ETH?<\/h2>\n

If Ethereum fails to clear the $1,600 resistance, it could continue to move down. Initial support on the downside is near the $1,565 level. The next key support is $1,550.<\/p>\n

A downside break below the $1,550 support might start another strong decline. In the stated case, the price could revisit the $1,465 level. Any more losses may perhaps send Ether toward the $1,420 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 below the 50 level.<\/p>\n

Major Support Level \u2013 $1,550<\/p>\n

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

<\/p>\n

Ethereum price struggled to clear $1,660 and reacted to the downside against the US dollar. ETH remains at risk of more losses if it breaks the $1,550 support.<\/em><\/p>\n

Ethereum resumed its decline and retested the $1,550 support.
\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 $1,610 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could accelerate lower if there is a close below the $1,550 support zone.<\/p>\n

Ethereum Price Dives Again<\/h2>\n

Ethereum failed to settle above the $1,665 resistance zone<\/a>. ETH started a fresh decline from the $1,665 resistance zone and dived below the $1,650 level.<\/p>\n

The bears pushed the price below the $1,600 level and the 100-hourly Simple Moving Average. Ether retested the $1,550 support. A low was formed near $1,549 and the price is now attempting a recovery wave. There was a move above the 23.6% Fib retracement level of the recent decline from the $1,664 swing high to the $1,549 low.<\/p>\n

Ethereum is now trading below $1,600 and the 100-hourly Simple Moving Average. There is also a key bearish trend line forming with resistance near $1,610 on the hourly chart of ETH\/USD.<\/p>\n

On the upside, the price might face resistance near the $1,600 level. The first major resistance is near the trend line and $1,610. It is close to the 50% Fib retracement level of the recent decline from the $1,664 swing high to the $1,549 low.<\/p>\n

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

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

The next major resistance is $1,620 or the 100-hourly Simple Moving Average, above which the price could rise toward the $1,665 resistance zone<\/a>. A close above the $1,665 resistance might send the price toward the key resistance at $1,750. The next key resistance might be $1,820. Any more gains might open the doors for a move toward $1,880.<\/p>\n

Downside Break in ETH?<\/h2>\n

If Ethereum fails to clear the $1,600 resistance, it could continue to move down. Initial support on the downside is near the $1,565 level. The next key support is $1,550.<\/p>\n

A downside break below the $1,550 support might start another strong decline. In the stated case, the price could revisit the $1,465 level. Any more losses may perhaps send Ether toward the $1,420 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 below the 50 level.<\/p>\n

Major Support Level \u2013 $1,550<\/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-30745","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\/30745","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=30745"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/30745\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=30745"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=30745"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=30745"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}