{"id":31227,"date":"2023-10-20T04:54:25","date_gmt":"2023-10-20T08:54:25","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=31227"},"modified":"2023-10-20T04:54:25","modified_gmt":"2023-10-20T08:54:25","slug":"ethereum-price-defies-gravity-heres-what-could-spark-bullish-moves","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/10\/20\/ethereum-price-defies-gravity-heres-what-could-spark-bullish-moves\/","title":{"rendered":"Ethereum Price Defies Gravity, Here\u2019s What Could Spark Bullish Moves"},"content":{"rendered":"

Ethereum price managed to stay above the $1,520 support against the US dollar. ETH is rising and might rally if it clears the $1,605 resistance.<\/em><\/p>\n

Ethereum averted more losses below the $1,520 support zone.
\nThe price is trading above $1,560 and the 100-hourly Simple Moving Average.
\nThere was a break above a major bearish trend line with resistance near $1,562 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair is moving higher toward the breakout zone at $1,605.<\/p>\n

Ethereum Price Starts Recovery<\/h2>\n

Ethereum managed to stay above the main breakdown support at $1,520. The recent rise in XRP<\/a> is sparking a recovery wave in the crypto market. ETH managed to start an increase above the $1,550 and $1,565 resistance levels, like Bitcoin<\/a>.<\/p>\n

There was a break above a major bearish trend line with resistance near $1,562 on the hourly chart of ETH\/USD. The pair climbed above the 23.6% Fib retracement level of the downward move from the $1,669 swing high to the $1,542 low.<\/p>\n

Ethereum is now trading above $1,565 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $1,600 level.<\/p>\n

The first major resistance is near the $1,605 zone or the 50% Fib retracement level of the downward move from the $1,669 swing high to the $1,542 low. The next key resistance is $1,620. A close above the $1,605 and $1,620 resistance levels might start a steady increase.<\/p>\n

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

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

In the stated case, Ether could start a recovery wave 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 $1,540. The main support is still near $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 $1,350 level in the medium term.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is gaining 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 $1,605<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum price managed to stay above the $1,520 support against the US dollar. ETH is rising and might rally if it clears the $1,605 resistance.<\/em><\/p>\n

Ethereum averted more losses below the $1,520 support zone.
\nThe price is trading above $1,560 and the 100-hourly Simple Moving Average.
\nThere was a break above a major bearish trend line with resistance near $1,562 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair is moving higher toward the breakout zone at $1,605.<\/p>\n

Ethereum Price Starts Recovery<\/h2>\n

Ethereum managed to stay above the main breakdown support at $1,520. The recent rise in XRP<\/a> is sparking a recovery wave in the crypto market. ETH managed to start an increase above the $1,550 and $1,565 resistance levels, like Bitcoin<\/a>.<\/p>\n

There was a break above a major bearish trend line with resistance near $1,562 on the hourly chart of ETH\/USD. The pair climbed above the 23.6% Fib retracement level of the downward move from the $1,669 swing high to the $1,542 low.<\/p>\n

Ethereum is now trading above $1,565 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $1,600 level.<\/p>\n

The first major resistance is near the $1,605 zone or the 50% Fib retracement level of the downward move from the $1,669 swing high to the $1,542 low. The next key resistance is $1,620. A close above the $1,605 and $1,620 resistance levels might start a steady increase.<\/p>\n

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

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

In the stated case, Ether could start a recovery wave 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 $1,540. The main support is still near $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 $1,350 level in the medium term.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is gaining 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 $1,605<\/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-31227","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\/31227","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=31227"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/31227\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=31227"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=31227"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=31227"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}