{"id":31416,"date":"2023-10-25T05:52:35","date_gmt":"2023-10-25T09:52:35","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=31416"},"modified":"2023-10-25T05:52:35","modified_gmt":"2023-10-25T09:52:35","slug":"ethereum-price-sees-technical-correction-but-key-uptrend-support-intact","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/10\/25\/ethereum-price-sees-technical-correction-but-key-uptrend-support-intact\/","title":{"rendered":"Ethereum Price Sees Technical Correction But Key Uptrend Support Intact"},"content":{"rendered":"

Ethereum price rallied following Bitcoin and tested $1,850 against the US dollar. ETH is correcting gains, but the bulls might remain active near $1,750.<\/em><\/p>\n

Ethereum started a downside correction from the $1,850 resistance.
\nThe price is trading above $1,750 and the 100-hourly Simple Moving Average.
\nThere is a major bullish trend line forming with support near $1,755 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start a fresh increase unless there is a clear move below $1,750.<\/p>\n

Ethereum Price Remains Supported<\/h2>\n

Ethereum started a strong increase above the $1,750 resistance. Bitcoin<\/a> dragged ETH higher toward the $1,850 resistance before the bears appeared.<\/p>\n

A high is formed near $1,849 and the price is now correcting gains. It traded below the 23.6% Fib retracement level of the upward move from the $1,659 swing low to the $1,849 high. However, the price is still trading in a positive zone.<\/p>\n

Ethereum is now trading above $1,750 and the 100-hourly Simple Moving Average<\/a>. There is also a major bullish trend line forming with support near $1,755 on the hourly chart of ETH\/USD. The trend line is near the 50% Fib retracement level of the upward move from the $1,659 swing low to the $1,849 high.<\/p>\n

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

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

On the upside, the price is facing resistance near the $1,805 level. The first major resistance is near the $1,850 zone. The next key resistance is near $1,880. A close above the $1,880 resistance could send the price further higher. The next key resistance is $1,950, above which the price could accelerate higher. In the stated case, Ether could test the main $2,000 barrier. Any more gains might open the doors for a move toward $2,200.<\/p>\n

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

If Ethereum fails to clear the $1,805 resistance, it could continue to move down. Initial support on the downside is near the $1,780 level.<\/p>\n

The next key support is $1,750 and the trend line zone. A downside break below the $1,750 support might send the price further lower. In the stated case, Ether could drop toward the $1,720 level. Any more losses may perhaps send Ether toward the $1,700 level and the 100-hourly Simple Moving Average.<\/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 $1,750<\/p>\n

Major Resistance Level \u2013 $1,805<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum price rallied following Bitcoin and tested $1,850 against the US dollar. ETH is correcting gains, but the bulls might remain active near $1,750.<\/em><\/p>\n

Ethereum started a downside correction from the $1,850 resistance.
\nThe price is trading above $1,750 and the 100-hourly Simple Moving Average.
\nThere is a major bullish trend line forming with support near $1,755 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start a fresh increase unless there is a clear move below $1,750.<\/p>\n

Ethereum Price Remains Supported<\/h2>\n

Ethereum started a strong increase above the $1,750 resistance. Bitcoin<\/a> dragged ETH higher toward the $1,850 resistance before the bears appeared.<\/p>\n

A high is formed near $1,849 and the price is now correcting gains. It traded below the 23.6% Fib retracement level of the upward move from the $1,659 swing low to the $1,849 high. However, the price is still trading in a positive zone.<\/p>\n

Ethereum is now trading above $1,750 and the 100-hourly Simple Moving Average<\/a>. There is also a major bullish trend line forming with support near $1,755 on the hourly chart of ETH\/USD. The trend line is near the 50% Fib retracement level of the upward move from the $1,659 swing low to the $1,849 high.<\/p>\n

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

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

On the upside, the price is facing resistance near the $1,805 level. The first major resistance is near the $1,850 zone. The next key resistance is near $1,880. A close above the $1,880 resistance could send the price further higher. The next key resistance is $1,950, above which the price could accelerate higher. In the stated case, Ether could test the main $2,000 barrier. Any more gains might open the doors for a move toward $2,200.<\/p>\n

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

If Ethereum fails to clear the $1,805 resistance, it could continue to move down. Initial support on the downside is near the $1,780 level.<\/p>\n

The next key support is $1,750 and the trend line zone. A downside break below the $1,750 support might send the price further lower. In the stated case, Ether could drop toward the $1,720 level. Any more losses may perhaps send Ether toward the $1,700 level and the 100-hourly Simple Moving Average.<\/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 $1,750<\/p>\n

Major Resistance Level \u2013 $1,805<\/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-31416","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\/31416","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=31416"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/31416\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=31416"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=31416"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=31416"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}