{"id":31109,"date":"2023-10-18T04:53:27","date_gmt":"2023-10-18T08:53:27","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=31109"},"modified":"2023-10-18T04:53:27","modified_gmt":"2023-10-18T08:53:27","slug":"ethereum-underperforms-bitcoin-bulls-struggle-to-protect-key-support","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/10\/18\/ethereum-underperforms-bitcoin-bulls-struggle-to-protect-key-support\/","title":{"rendered":"Ethereum Underperforms Bitcoin, Bulls Struggle To Protect Key Support"},"content":{"rendered":"

Ethereum price failed to start fresh increase above $1,600 against the US dollar. ETH is now struggling to stay above the $1,550 support zone.<\/em><\/p>\n

Ethereum extended its decline and tested the $1,550 support zone.
\nThe price is trading just below $1,580 and the 100-hourly Simple Moving Average.
\nThere is a connecting bearish trend line forming with resistance near $1,570 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could accelerate lower if the bulls fail to protect the $1,550 support.<\/p>\n

Ethereum Price Dips Further<\/h2>\n

Ethereum struggled to settle above $1,650 and started a fresh decline. ETH traded below the $1,620 and $1,600 support levels. There was a short consolidation phase before the price extended its decline, unlike Bitcoin<\/a>.<\/p>\n

There was a move below the $1,575 support and the price tested $1,550. A low is formed near $1,553 and the price is now consolidating losses. There is also a connecting bearish trend line forming with resistance near $1,570 on the hourly chart of ETH\/USD.<\/p>\n

Ethereum is now trading just below $1,580 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $1,570 level and the trend line. The 23.6% Fib retracement level of the downward move from the $1,669 swing high to the $1,553 low is also just above the trend line.<\/p>\n

The first major resistance is near the $1,600 zone<\/a> or the 50% Fib retracement level of the downward move from the $1,669 swing high to the $1,553 low.<\/p>\n

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

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

A close above the $1,600 resistance might start a decent increase. In the stated case, Ether could rise and recover toward the $1,660 resistance. Any more gains might open the doors for a move toward $1,720.<\/p>\n

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

If Ethereum fails to clear the $1,570 resistance, it could start another decline. Initial support on the downside is near the $1,550 level.<\/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 $1,480 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 below the 50 level.<\/p>\n

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

Major Resistance Level \u2013 $1,570<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum price failed to start fresh increase above $1,600 against the US dollar. ETH is now struggling to stay above the $1,550 support zone.<\/em><\/p>\n

Ethereum extended its decline and tested the $1,550 support zone.
\nThe price is trading just below $1,580 and the 100-hourly Simple Moving Average.
\nThere is a connecting bearish trend line forming with resistance near $1,570 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could accelerate lower if the bulls fail to protect the $1,550 support.<\/p>\n

Ethereum Price Dips Further<\/h2>\n

Ethereum struggled to settle above $1,650 and started a fresh decline. ETH traded below the $1,620 and $1,600 support levels. There was a short consolidation phase before the price extended its decline, unlike Bitcoin<\/a>.<\/p>\n

There was a move below the $1,575 support and the price tested $1,550. A low is formed near $1,553 and the price is now consolidating losses. There is also a connecting bearish trend line forming with resistance near $1,570 on the hourly chart of ETH\/USD.<\/p>\n

Ethereum is now trading just below $1,580 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $1,570 level and the trend line. The 23.6% Fib retracement level of the downward move from the $1,669 swing high to the $1,553 low is also just above the trend line.<\/p>\n

The first major resistance is near the $1,600 zone<\/a> or the 50% Fib retracement level of the downward move from the $1,669 swing high to the $1,553 low.<\/p>\n

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

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

A close above the $1,600 resistance might start a decent increase. In the stated case, Ether could rise and recover toward the $1,660 resistance. Any more gains might open the doors for a move toward $1,720.<\/p>\n

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

If Ethereum fails to clear the $1,570 resistance, it could start another decline. Initial support on the downside is near the $1,550 level.<\/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 $1,480 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 below the 50 level.<\/p>\n

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

Major Resistance Level \u2013 $1,570<\/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-31109","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\/31109","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=31109"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/31109\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=31109"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=31109"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=31109"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}