{"id":34522,"date":"2023-12-27T03:52:36","date_gmt":"2023-12-27T07:52:36","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=34522"},"modified":"2023-12-27T03:52:36","modified_gmt":"2023-12-27T07:52:36","slug":"ethereum-price-hints-at-potential-correction-buy-the-dip-4","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/12\/27\/ethereum-price-hints-at-potential-correction-buy-the-dip-4\/","title":{"rendered":"Ethereum Price Hints At Potential Correction, Buy The Dip?"},"content":{"rendered":"

Ethereum price is correcting gains from the $2,320 resistance zone. ETH is moving lower and might even test $2,050 before the bulls take a stand.<\/em><\/p>\n

Ethereum is correcting gains below the $2,250 support zone.
\nThe price is trading below $2,240 and the 100-hourly Simple Moving Average.
\nThere are two bearish trend lines forming with resistance near $2,230 and $2,260 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could extend its decline and revisit the $2,050 support zone.<\/p>\n

Ethereum Price Extends Losses<\/h2>\n

Ethereum price started a downside correction from the $2,325 level. ETH declined below the $2,300 and $2,265 levels. The bears were even able to push the pair below the $2,200 level, like Bitcoin<\/a>.<\/p>\n

A low was formed near $2,180 and the price is now attempting a fresh increase. There was a move above the $2,200 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $2,326 swing high to the $2,180 low.<\/p>\n

Ethereum is now trading below $2,240 and the 100-hourly Simple Moving Average<\/a>. On the upside, the price is facing resistance near the $2,230 level. There are two bearish trend lines forming with resistance near $2,230 and $2,260 on the hourly chart of ETH\/USD.<\/p>\n

The second trend line is close to the 50% Fib retracement level of the downward move from the $2,326 swing high to the $2,180 low. A close above the $2,260 resistance could send the price toward $2,325.<\/p>\n

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

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

The main resistance sits at $2,350. A clear move above the $2,350 zone could start a decent increase. The next resistance sits at $2,420, above which Ethereum might rally and test the $2,500 zone.<\/p>\n

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

If Ethereum fails to clear the $2,260 resistance, it could start a fresh decline. Initial support on the downside is near the $2,200 level.<\/p>\n

The first key support could be the $2,180 zone. A downside break and a close below $2,180 might spark more bearish moves. In the stated case, Ether could revisit the $2,120 support. Any more losses might send the price toward the $2,050 level.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is losing momentum in the bearish zone.<\/p>\n

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

Major Support Level \u2013 $2,180<\/p>\n

Major Resistance Level \u2013 $2,260<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum price is correcting gains from the $2,320 resistance zone. ETH is moving lower and might even test $2,050 before the bulls take a stand.<\/em><\/p>\n

Ethereum is correcting gains below the $2,250 support zone.
\nThe price is trading below $2,240 and the 100-hourly Simple Moving Average.
\nThere are two bearish trend lines forming with resistance near $2,230 and $2,260 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could extend its decline and revisit the $2,050 support zone.<\/p>\n

Ethereum Price Extends Losses<\/h2>\n

Ethereum price started a downside correction from the $2,325 level. ETH declined below the $2,300 and $2,265 levels. The bears were even able to push the pair below the $2,200 level, like Bitcoin<\/a>.<\/p>\n

A low was formed near $2,180 and the price is now attempting a fresh increase. There was a move above the $2,200 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $2,326 swing high to the $2,180 low.<\/p>\n

Ethereum is now trading below $2,240 and the 100-hourly Simple Moving Average<\/a>. On the upside, the price is facing resistance near the $2,230 level. There are two bearish trend lines forming with resistance near $2,230 and $2,260 on the hourly chart of ETH\/USD.<\/p>\n

The second trend line is close to the 50% Fib retracement level of the downward move from the $2,326 swing high to the $2,180 low. A close above the $2,260 resistance could send the price toward $2,325.<\/p>\n

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

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

The main resistance sits at $2,350. A clear move above the $2,350 zone could start a decent increase. The next resistance sits at $2,420, above which Ethereum might rally and test the $2,500 zone.<\/p>\n

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

If Ethereum fails to clear the $2,260 resistance, it could start a fresh decline. Initial support on the downside is near the $2,200 level.<\/p>\n

The first key support could be the $2,180 zone. A downside break and a close below $2,180 might spark more bearish moves. In the stated case, Ether could revisit the $2,120 support. Any more losses might send the price toward the $2,050 level.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is losing momentum in the bearish zone.<\/p>\n

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

Major Support Level \u2013 $2,180<\/p>\n

Major Resistance Level \u2013 $2,260<\/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-34522","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\/34522","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=34522"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34522\/revisions"}],"predecessor-version":[{"id":34528,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34522\/revisions\/34528"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=34522"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=34522"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=34522"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}