{"id":31051,"date":"2023-10-17T04:53:45","date_gmt":"2023-10-17T08:53:45","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=31051"},"modified":"2023-10-17T04:53:45","modified_gmt":"2023-10-17T08:53:45","slug":"ethereum-price-faces-crucial-test-will-1570-withstand-the-pressure","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/10\/17\/ethereum-price-faces-crucial-test-will-1570-withstand-the-pressure\/","title":{"rendered":"Ethereum Price Faces Crucial Test: Will $1,570 Withstand the Pressure?"},"content":{"rendered":"

Ethereum price started a steady increase from the $1,520 zone against the US dollar. ETH is now struggling to clear the $1,605 and $1,620 resistance levels.<\/em><\/p>\n

Ethereum is attempting a recovery wave above the $1,570 level.
\nThe price is trading just above $1,575 and the 100-hourly Simple Moving Average.
\nThere is a key bullish trend line forming with support near $1,572 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could rise further if there is a close above the $1,620 resistance level.<\/p>\n

Ethereum Price Gains Traction<\/h2>\n

Ethereum started a fresh increase from the $1,520 level. ETH gained traction like Bitcoin<\/a> and spiked above the $1,600 resistance level. It even climbed above $1,620, but the bears appeared near $1,650.<\/p>\n

A high was formed near $1,669 before there was a fresh decline. Ether trimmed gains and settled below the $1,600 level. It tested the $1,575 support and is currently consolidating near the 23.6% Fib retracement level of the recent decline from the $1,669 swing high to the $1,574 low.<\/p>\n

Ethereum is now trading just above $1,575 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support near $1,572 on the hourly chart of ETH\/USD.<\/p>\n

On the upside, the price is facing resistance near the $1,605 level. The first major resistance is near the 50% Fib retracement level of the recent decline from the $1,669 swing high to the $1,574 low at $1,620. A close above the $1,620 resistance<\/a> 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 $1,605 resistance, it could start another decline. Initial support on the downside is near the $1,575 level and the 100-hourly Simple Moving Average.<\/p>\n

The next key support is $1,550. A downside break below the $1,550 support might send the price further lower. In the stated case, the price could drop toward the $1,520 level. Any more losses may perhaps send Ether toward the $1,440 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 $1,575<\/p>\n

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

<\/p>\n

Ethereum price started a steady increase from the $1,520 zone against the US dollar. ETH is now struggling to clear the $1,605 and $1,620 resistance levels.<\/em><\/p>\n

Ethereum is attempting a recovery wave above the $1,570 level.
\nThe price is trading just above $1,575 and the 100-hourly Simple Moving Average.
\nThere is a key bullish trend line forming with support near $1,572 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could rise further if there is a close above the $1,620 resistance level.<\/p>\n

Ethereum Price Gains Traction<\/h2>\n

Ethereum started a fresh increase from the $1,520 level. ETH gained traction like Bitcoin<\/a> and spiked above the $1,600 resistance level. It even climbed above $1,620, but the bears appeared near $1,650.<\/p>\n

A high was formed near $1,669 before there was a fresh decline. Ether trimmed gains and settled below the $1,600 level. It tested the $1,575 support and is currently consolidating near the 23.6% Fib retracement level of the recent decline from the $1,669 swing high to the $1,574 low.<\/p>\n

Ethereum is now trading just above $1,575 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support near $1,572 on the hourly chart of ETH\/USD.<\/p>\n

On the upside, the price is facing resistance near the $1,605 level. The first major resistance is near the 50% Fib retracement level of the recent decline from the $1,669 swing high to the $1,574 low at $1,620. A close above the $1,620 resistance<\/a> 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 $1,605 resistance, it could start another decline. Initial support on the downside is near the $1,575 level and the 100-hourly Simple Moving Average.<\/p>\n

The next key support is $1,550. A downside break below the $1,550 support might send the price further lower. In the stated case, the price could drop toward the $1,520 level. Any more losses may perhaps send Ether toward the $1,440 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 $1,575<\/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-31051","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\/31051","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=31051"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/31051\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=31051"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=31051"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=31051"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}