{"id":30863,"date":"2023-10-12T04:53:30","date_gmt":"2023-10-12T08:53:30","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=30863"},"modified":"2023-10-12T04:53:30","modified_gmt":"2023-10-12T08:53:30","slug":"ethereum-bulls-face-crucial-test-will-1550-withstand-the-pressure","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/10\/12\/ethereum-bulls-face-crucial-test-will-1550-withstand-the-pressure\/","title":{"rendered":"Ethereum Bulls Face Crucial Test: Will $1,550 Withstand the Pressure?"},"content":{"rendered":"

Ethereum price is consolidating above the $1,550 support against the US dollar. ETH could decline heavily if the bulls fail to protect $1,550 and $1,540.<\/em><\/p>\n

Ethereum is struggling to start a recovery wave from $1,550.
\nThe price is trading below $1,585 and the 100-hourly Simple Moving Average.
\nThere are two bearish trend lines forming with resistance near $1,565 and $1,590 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start a recovery wave if the bulls defend the $1,550 support zone.<\/p>\n

Ethereum Price Faces Resistance<\/h2>\n

Ethereum remained in a bearish zone below the $1,600 resistance zone. ETH is still consolidating above the $1,550 support and showing bearish signs, like Bitcoin<\/a>.<\/p>\n

The recent low was formed near $1,542 before the price started a consolidation phase. The price spiked once above the 23.6% Fib retracement level of the key decline from the $1,665 swing high to the $1,542 low, but upsides were limited.<\/p>\n

Ethereum is now trading below $1,585 and the 100-hourly Simple Moving Average. There are also two bearish trend lines forming with resistance near $1,565 and $1,590 on the hourly chart of ETH\/USD.<\/p>\n

On the upside, the price might face resistance near the $1,565 level and the first trend line. The first major resistance is near the second trend line, $1,590, and the 100-hourly Simple Moving Average. The next resistance is near $1,600<\/a> or the 50% Fib retracement level of the key decline from the $1,665 swing high to the $1,542 low.<\/p>\n

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

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

A clear move above the $1,600 resistance might start a short-term recovery wave. In the stated case, Ether could rise and recover toward the $1,665 resistance. 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 $1,600 resistance, it could continue to move down. Initial support on the downside is near the $1,550 level. The next key support is $1,540.<\/p>\n

A downside break below the $1,540 support might spark another strong decline. In the stated case, the price could drop toward the $1,420 level. Any more losses may perhaps send Ether toward the $1,350 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 $1,540<\/p>\n

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

<\/p>\n

Ethereum price is consolidating above the $1,550 support against the US dollar. ETH could decline heavily if the bulls fail to protect $1,550 and $1,540.<\/em><\/p>\n

Ethereum is struggling to start a recovery wave from $1,550.
\nThe price is trading below $1,585 and the 100-hourly Simple Moving Average.
\nThere are two bearish trend lines forming with resistance near $1,565 and $1,590 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start a recovery wave if the bulls defend the $1,550 support zone.<\/p>\n

Ethereum Price Faces Resistance<\/h2>\n

Ethereum remained in a bearish zone below the $1,600 resistance zone. ETH is still consolidating above the $1,550 support and showing bearish signs, like Bitcoin<\/a>.<\/p>\n

The recent low was formed near $1,542 before the price started a consolidation phase. The price spiked once above the 23.6% Fib retracement level of the key decline from the $1,665 swing high to the $1,542 low, but upsides were limited.<\/p>\n

Ethereum is now trading below $1,585 and the 100-hourly Simple Moving Average. There are also two bearish trend lines forming with resistance near $1,565 and $1,590 on the hourly chart of ETH\/USD.<\/p>\n

On the upside, the price might face resistance near the $1,565 level and the first trend line. The first major resistance is near the second trend line, $1,590, and the 100-hourly Simple Moving Average. The next resistance is near $1,600<\/a> or the 50% Fib retracement level of the key decline from the $1,665 swing high to the $1,542 low.<\/p>\n

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

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

A clear move above the $1,600 resistance might start a short-term recovery wave. In the stated case, Ether could rise and recover toward the $1,665 resistance. 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 $1,600 resistance, it could continue to move down. Initial support on the downside is near the $1,550 level. The next key support is $1,540.<\/p>\n

A downside break below the $1,540 support might spark another strong decline. In the stated case, the price could drop toward the $1,420 level. Any more losses may perhaps send Ether toward the $1,350 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 $1,540<\/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-30863","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\/30863","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=30863"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/30863\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=30863"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=30863"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=30863"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}