{"id":31001,"date":"2023-10-16T04:52:59","date_gmt":"2023-10-16T08:52:59","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=31001"},"modified":"2023-10-16T04:52:59","modified_gmt":"2023-10-16T08:52:59","slug":"ethereum-price-avoids-collapse-but-recovery-could-be-capped","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/10\/16\/ethereum-price-avoids-collapse-but-recovery-could-be-capped\/","title":{"rendered":"Ethereum Price Avoids Collapse But Recovery Could Be Capped"},"content":{"rendered":"

Ethereum price managed to recover from the $1,520 level against the US dollar. ETH is now facing hurdles near the $1,565 and $1,600 resistance levels.<\/em><\/p>\n

Ethereum is attempting a recovery wave above the $1,550 level.
\nThe price is trading just above $1,550 and the 100-hourly Simple Moving Average.
\nThere was a break above a major bearish trend line with resistance near $1,555 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start another decline unless there is a clear move above $1,565 and $1,600.<\/p>\n

Ethereum Price Starts Minor Recovery<\/h2>\n

Ethereum managed to stay above the $1,500 and $1,520 levels. ETH formed a short-term support base and recently started a fresh increase from the $1,520 zone, like Bitcoin<\/a>.<\/p>\n

There was a move above the $1,550 resistance level. The price climbed above the 23.6% Fib retracement level of the main drop from the $1,664 swing high to the $1,521 low. Besides, there was a break above a major bearish trend line with resistance near $1,555 on the hourly chart of ETH\/USD.<\/p>\n

Ethereum is now trading just above $1,550 and the 100-hourly Simple Moving Average<\/a>. However, the bears seem to be preventing an upside break above the $1,565 resistance.<\/p>\n

If there is a clear move above the $1,565 resistance, Ether could rise toward the next major hurdle at $1,600. It is close to the 50% Fib retracement level of the main drop from the $1,664 swing high to the $1,521 low. A close above the $1,600 resistance might start a decent increase.<\/p>\n

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

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

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

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

If Ethereum fails to clear the $1,565 resistance, it could start another decline. Initial support on the downside is near the $1,550 level and the 100-hourly Simple Moving Average.<\/p>\n

The next key support is $1,520. A downside break below the $1,520 support might send the price further lower. In the stated case, the price could drop toward the $1,440 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 bullish zone.<\/p>\n

Hourly RSI \u2013 <\/strong>The RSI for ETH\/USD is now above the 50 level.<\/p>\n

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

Major Resistance Level \u2013 $1,565<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum price managed to recover from the $1,520 level against the US dollar. ETH is now facing hurdles near the $1,565 and $1,600 resistance levels.<\/em><\/p>\n

Ethereum is attempting a recovery wave above the $1,550 level.
\nThe price is trading just above $1,550 and the 100-hourly Simple Moving Average.
\nThere was a break above a major bearish trend line with resistance near $1,555 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start another decline unless there is a clear move above $1,565 and $1,600.<\/p>\n

Ethereum Price Starts Minor Recovery<\/h2>\n

Ethereum managed to stay above the $1,500 and $1,520 levels. ETH formed a short-term support base and recently started a fresh increase from the $1,520 zone, like Bitcoin<\/a>.<\/p>\n

There was a move above the $1,550 resistance level. The price climbed above the 23.6% Fib retracement level of the main drop from the $1,664 swing high to the $1,521 low. Besides, there was a break above a major bearish trend line with resistance near $1,555 on the hourly chart of ETH\/USD.<\/p>\n

Ethereum is now trading just above $1,550 and the 100-hourly Simple Moving Average<\/a>. However, the bears seem to be preventing an upside break above the $1,565 resistance.<\/p>\n

If there is a clear move above the $1,565 resistance, Ether could rise toward the next major hurdle at $1,600. It is close to the 50% Fib retracement level of the main drop from the $1,664 swing high to the $1,521 low. A close above the $1,600 resistance might start a decent increase.<\/p>\n

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

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

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

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

If Ethereum fails to clear the $1,565 resistance, it could start another decline. Initial support on the downside is near the $1,550 level and the 100-hourly Simple Moving Average.<\/p>\n

The next key support is $1,520. A downside break below the $1,520 support might send the price further lower. In the stated case, the price could drop toward the $1,440 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 bullish zone.<\/p>\n

Hourly RSI \u2013 <\/strong>The RSI for ETH\/USD is now above the 50 level.<\/p>\n

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

Major Resistance Level \u2013 $1,565<\/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-31001","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\/31001","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=31001"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/31001\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=31001"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=31001"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=31001"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}