{"id":34783,"date":"2024-01-05T04:53:25","date_gmt":"2024-01-05T08:53:25","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=34783"},"modified":"2024-01-05T04:53:25","modified_gmt":"2024-01-05T08:53:25","slug":"ethereum-price-tops-at-100-sma-why-eth-could-struggle-in-near-term","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/01\/05\/ethereum-price-tops-at-100-sma-why-eth-could-struggle-in-near-term\/","title":{"rendered":"Ethereum Price Tops At 100 SMA, Why ETH Could Struggle In Near Term"},"content":{"rendered":"

Ethereum price failed to recover further above the $2,300 resistance. ETH is showing a few bearish signs and might revisit the $2,080 support.<\/em><\/p>\n

Ethereum is struggling to clear the $2,280 and $2,300 resistance levels.
\nThe price is trading below $2,300 and the 100-hourly Simple Moving Average.
\nThere is a major bearish trend line forming with resistance near $2,280 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start a fresh decline if it stays below the $2,300 resistance zone.<\/p>\n

Ethereum Price Faces Rejection<\/h2>\n

Ethereum price started a recovery wave above the $2,120 level, like Bitcoin<\/a>. ETH was able to clear the $2,200 and $2,220 resistance levels. However, the bears were active near $2,300 and the 100-hourly Simple Moving Average.<\/p>\n

The price failed to clear the 76.4% Fib retracement level of the downward move from the $2,430 swing high to the $1,860 low<\/a>. It is now struggling to clear the $2,280 and $2,300 resistance levels. There is also a major bearish trend line forming with resistance near $2,280 on the hourly chart of ETH\/USD.<\/p>\n

Ethereum is now below $2,300 and the 100-hourly Simple Moving Average, but it is still above the 23.6% Fib retracement level of the upward move from the $1,860 swing low to the $2,289 high.<\/p>\n

On the upside, the price is facing resistance near the $2,280 level and the trend line. The first major resistance is now near $2,300. A close above the $2,300 resistance could start a decent upward move. The next key resistance is near $2,400.<\/p>\n

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

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

If there is a clear move above $2,400, there could be a drift toward $2,500. The next resistance sits at $2,500, above which Ethereum might rally and test the $2,620 zone.<\/p>\n

Fresh Decline in ETH?<\/h2>\n

If Ethereum fails to clear the $2,300 resistance, it could start a fresh decline. Initial support on the downside is near the $2,185 level.<\/p>\n

The first key support could be the $2,075 zone or the 50% Fib retracement level of the upward move from the $1,860 swing low to the $2,289 high. A downside break and a close below $2,075 might start another steady decline. In the stated case, Ether could test the $2,000 support. Any more losses might send the price toward the $1,860 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 $2,185<\/p>\n

Major Resistance Level \u2013 $2,300<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum price failed to recover further above the $2,300 resistance. ETH is showing a few bearish signs and might revisit the $2,080 support.<\/em><\/p>\n

Ethereum is struggling to clear the $2,280 and $2,300 resistance levels.
\nThe price is trading below $2,300 and the 100-hourly Simple Moving Average.
\nThere is a major bearish trend line forming with resistance near $2,280 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start a fresh decline if it stays below the $2,300 resistance zone.<\/p>\n

Ethereum Price Faces Rejection<\/h2>\n

Ethereum price started a recovery wave above the $2,120 level, like Bitcoin<\/a>. ETH was able to clear the $2,200 and $2,220 resistance levels. However, the bears were active near $2,300 and the 100-hourly Simple Moving Average.<\/p>\n

The price failed to clear the 76.4% Fib retracement level of the downward move from the $2,430 swing high to the $1,860 low<\/a>. It is now struggling to clear the $2,280 and $2,300 resistance levels. There is also a major bearish trend line forming with resistance near $2,280 on the hourly chart of ETH\/USD.<\/p>\n

Ethereum is now below $2,300 and the 100-hourly Simple Moving Average, but it is still above the 23.6% Fib retracement level of the upward move from the $1,860 swing low to the $2,289 high.<\/p>\n

On the upside, the price is facing resistance near the $2,280 level and the trend line. The first major resistance is now near $2,300. A close above the $2,300 resistance could start a decent upward move. The next key resistance is near $2,400.<\/p>\n

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

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

If there is a clear move above $2,400, there could be a drift toward $2,500. The next resistance sits at $2,500, above which Ethereum might rally and test the $2,620 zone.<\/p>\n

Fresh Decline in ETH?<\/h2>\n

If Ethereum fails to clear the $2,300 resistance, it could start a fresh decline. Initial support on the downside is near the $2,185 level.<\/p>\n

The first key support could be the $2,075 zone or the 50% Fib retracement level of the upward move from the $1,860 swing low to the $2,289 high. A downside break and a close below $2,075 might start another steady decline. In the stated case, Ether could test the $2,000 support. Any more losses might send the price toward the $1,860 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 $2,185<\/p>\n

Major Resistance Level \u2013 $2,300<\/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-34783","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\/34783","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=34783"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34783\/revisions"}],"predecessor-version":[{"id":34790,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34783\/revisions\/34790"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=34783"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=34783"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=34783"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}