{"id":34858,"date":"2024-01-08T04:52:40","date_gmt":"2024-01-08T08:52:40","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=34858"},"modified":"2024-01-08T04:52:40","modified_gmt":"2024-01-08T08:52:40","slug":"ethereum-price-signals-bearish-rection-why-eth-could-drop-5","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/01\/08\/ethereum-price-signals-bearish-rection-why-eth-could-drop-5\/","title":{"rendered":"Ethereum Price Signals Bearish Rection, Why ETH Could Drop 5%"},"content":{"rendered":"

Ethereum price is struggling to clear the $2,300 resistance zone. ETH is showing a few bearish signs and might decline toward the $2,080 support.<\/em><\/p>\n

Ethereum is still struggling to clear the $2,280 and $2,300 resistance levels.
\nThe price is trading below $2,260 and the 100-hourly Simple Moving Average.
\nThere is a connecting bearish trend line forming with resistance near $2,240 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could extend its decline if it stays below the $2,300 resistance zone.<\/p>\n

Ethereum Price Faces Major Hurdle<\/h2>\n

Ethereum price attempted a fresh increase above the $2,200 level, like Bitcoin<\/a>. ETH climbed above the $2,250 and $2,260 levels. However, the bears were active near $2,300 and the 100-hourly Simple Moving Average.<\/p>\n

A high was formed near $2,289 and the price recently saw a bearish reaction<\/a>. There was a move below the $2,250 level. The price traded below the 23.6% Fib retracement level of the upward wave from the $1,860 swing low to the $2,289 high.<\/p>\n

Ethereum is now trading below $2,260 and the 100-hourly Simple Moving Average. There is also a connecting bearish trend line forming with resistance near $2,240 on the hourly chart of ETH\/USD.<\/p>\n

If there is a fresh increase, the price might face resistance near the $2,250 level and the trend line. The first major resistance is now near $2,280. The next major hurdle sits at $2,300.<\/p>\n

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

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

A close above the $2,300 resistance could start a decent upward move. The next key resistance is near $2,400. If the bulls push Ethereum above $2,400, there could be a rally toward $2,500. Any more gains might send the price toward the $2,620 zone.<\/p>\n

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

If Ethereum fails to clear the $2,250 resistance, it could start a fresh decline. Initial support on the downside is near the $2,120 level.<\/p>\n

The first key support could be the $2,080 zone or the 50% Fib retracement level of the upward wave from the $1,860 swing low to the $2,289 high. A downside break and a close below $2,080 might spark strong bearish moves. In the stated case, Ether could test the $2,020 support. Any more losses might send the price toward the $1,960 level.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is gaining 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 $2,080<\/p>\n

Major Resistance Level \u2013 $2,280<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum price is struggling to clear the $2,300 resistance zone. ETH is showing a few bearish signs and might decline toward the $2,080 support.<\/em><\/p>\n

Ethereum is still struggling to clear the $2,280 and $2,300 resistance levels.
\nThe price is trading below $2,260 and the 100-hourly Simple Moving Average.
\nThere is a connecting bearish trend line forming with resistance near $2,240 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could extend its decline if it stays below the $2,300 resistance zone.<\/p>\n

Ethereum Price Faces Major Hurdle<\/h2>\n

Ethereum price attempted a fresh increase above the $2,200 level, like Bitcoin<\/a>. ETH climbed above the $2,250 and $2,260 levels. However, the bears were active near $2,300 and the 100-hourly Simple Moving Average.<\/p>\n

A high was formed near $2,289 and the price recently saw a bearish reaction<\/a>. There was a move below the $2,250 level. The price traded below the 23.6% Fib retracement level of the upward wave from the $1,860 swing low to the $2,289 high.<\/p>\n

Ethereum is now trading below $2,260 and the 100-hourly Simple Moving Average. There is also a connecting bearish trend line forming with resistance near $2,240 on the hourly chart of ETH\/USD.<\/p>\n

If there is a fresh increase, the price might face resistance near the $2,250 level and the trend line. The first major resistance is now near $2,280. The next major hurdle sits at $2,300.<\/p>\n

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

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

A close above the $2,300 resistance could start a decent upward move. The next key resistance is near $2,400. If the bulls push Ethereum above $2,400, there could be a rally toward $2,500. Any more gains might send the price toward the $2,620 zone.<\/p>\n

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

If Ethereum fails to clear the $2,250 resistance, it could start a fresh decline. Initial support on the downside is near the $2,120 level.<\/p>\n

The first key support could be the $2,080 zone or the 50% Fib retracement level of the upward wave from the $1,860 swing low to the $2,289 high. A downside break and a close below $2,080 might spark strong bearish moves. In the stated case, Ether could test the $2,020 support. Any more losses might send the price toward the $1,960 level.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is gaining 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 $2,080<\/p>\n

Major Resistance Level \u2013 $2,280<\/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-34858","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\/34858","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=34858"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34858\/revisions"}],"predecessor-version":[{"id":34861,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34858\/revisions\/34861"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=34858"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=34858"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=34858"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}