{"id":34589,"date":"2023-12-29T04:52:45","date_gmt":"2023-12-29T08:52:45","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=34589"},"modified":"2023-12-29T04:52:45","modified_gmt":"2023-12-29T08:52:45","slug":"ethereum-price-retreats-from-highs-but-technicals-suggest-upside-continuation","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/12\/29\/ethereum-price-retreats-from-highs-but-technicals-suggest-upside-continuation\/","title":{"rendered":"Ethereum Price Retreats From Highs But Technicals Suggest Upside Continuation"},"content":{"rendered":"

Ethereum price is correcting gains from the $2,440 zone. ETH is correcting gains, but the bulls might remain active near the $2,300 and $2,240 support levels.<\/em><\/p>\n

Ethereum is correcting gains and trading below the $2,400 level.
\nThe price is trading above $2,320 and the 100-hourly Simple Moving Average.
\nThere is a bullish flag forming with resistance near $2,360 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start a fresh increase if there is a close above the $2,400 level.<\/p>\n

Ethereum Price Remains Supported<\/h2>\n

Ethereum price climbed higher above the $2,320 resistance zone. ETH even broke the $2,400 level before the bears appeared. A high was formed near $2,441 before the price started a downside correction, like Bitcoin<\/a>.<\/p>\n

There was a move below the $2,400 and $2,380 levels. The price declined and tested the 50% Fib retracement level of the upward wave from the $2,180 swing low to the $2,441 high. The bulls seem to be active near the $2,320 support zone.<\/p>\n

Ethereum is now trading above $2,320 and the 100-hourly Simple Moving Average<\/a>. On the upside, the price is facing resistance near the $2,360 level. There is also a bullish flag forming with resistance near $2,360 on the hourly chart of ETH\/USD.<\/p>\n

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

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

The first major resistance is now near $2,400. A close above the $2,400 resistance could send the price toward $2,440. The next key resistance is near $2,500. A clear move above the $2,500 zone could start another increase. The next resistance sits at $2,620, above which Ethereum might rally and test the $2,750 zone.<\/p>\n

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

If Ethereum fails to clear the $2,400 resistance, it could continue to move down. Initial support on the downside is near the $2,320 level and the 100 hourly SMA.<\/p>\n

The first key support could be the $2,240 zone or the 76.4% Fib retracement level of the upward wave from the $2,180 swing low to the $2,441 high. A downside break and a close below $2,240 might start another major decline. In the stated case, Ether could test the $2,165 support. Any more losses might send the price toward the $2,120 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 near the 50 level.<\/p>\n

Major Support Level \u2013 $2,320<\/p>\n

Major Resistance Level \u2013 $2,400<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum price is correcting gains from the $2,440 zone. ETH is correcting gains, but the bulls might remain active near the $2,300 and $2,240 support levels.<\/em><\/p>\n

Ethereum is correcting gains and trading below the $2,400 level.
\nThe price is trading above $2,320 and the 100-hourly Simple Moving Average.
\nThere is a bullish flag forming with resistance near $2,360 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start a fresh increase if there is a close above the $2,400 level.<\/p>\n

Ethereum Price Remains Supported<\/h2>\n

Ethereum price climbed higher above the $2,320 resistance zone. ETH even broke the $2,400 level before the bears appeared. A high was formed near $2,441 before the price started a downside correction, like Bitcoin<\/a>.<\/p>\n

There was a move below the $2,400 and $2,380 levels. The price declined and tested the 50% Fib retracement level of the upward wave from the $2,180 swing low to the $2,441 high. The bulls seem to be active near the $2,320 support zone.<\/p>\n

Ethereum is now trading above $2,320 and the 100-hourly Simple Moving Average<\/a>. On the upside, the price is facing resistance near the $2,360 level. There is also a bullish flag forming with resistance near $2,360 on the hourly chart of ETH\/USD.<\/p>\n

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

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

The first major resistance is now near $2,400. A close above the $2,400 resistance could send the price toward $2,440. The next key resistance is near $2,500. A clear move above the $2,500 zone could start another increase. The next resistance sits at $2,620, above which Ethereum might rally and test the $2,750 zone.<\/p>\n

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

If Ethereum fails to clear the $2,400 resistance, it could continue to move down. Initial support on the downside is near the $2,320 level and the 100 hourly SMA.<\/p>\n

The first key support could be the $2,240 zone or the 76.4% Fib retracement level of the upward wave from the $2,180 swing low to the $2,441 high. A downside break and a close below $2,240 might start another major decline. In the stated case, Ether could test the $2,165 support. Any more losses might send the price toward the $2,120 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 near the 50 level.<\/p>\n

Major Support Level \u2013 $2,320<\/p>\n

Major Resistance Level \u2013 $2,400<\/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-34589","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\/34589","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=34589"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34589\/revisions"}],"predecessor-version":[{"id":34594,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34589\/revisions\/34594"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=34589"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=34589"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=34589"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}