{"id":35223,"date":"2024-01-18T05:53:16","date_gmt":"2024-01-18T09:53:16","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=35223"},"modified":"2024-01-18T05:53:16","modified_gmt":"2024-01-18T09:53:16","slug":"ethereum-price-rejects-2600-can-bulls-save-this-key-support","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/01\/18\/ethereum-price-rejects-2600-can-bulls-save-this-key-support\/","title":{"rendered":"Ethereum Price Rejects $2,600, Can Bulls Save This Key Support?"},"content":{"rendered":"

Ethereum price struggled to extend gains above $2,600 and $2,620. ETH trimmed gains and might struggle to stay above the $2,500 support zone.<\/em><\/p>\n

Ethereum attempted a fresh increase but failed to surpass $2,620.
\nThe price is trading below $2,550 and the 100-hourly Simple Moving Average.
\nThere is a key bearish trend line forming with resistance near $2,540 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair start another increase if the bulls protect the $2,500 and $2,470 support levels.<\/p>\n

Ethereum Price Revisits Support<\/h2>\n

Ethereum price started a fresh increase above the $2,520 resistance zone. ETH even climbed above the $2,550 level, but the bears were active near $2,600, like Bitcoin<\/a>.<\/p>\n

The price traded as high as $2,614 and recently started a fresh decline. There was a move below the $2,550 support zone. The price traded below the 61.8% Fib retracement level of the upward wave from the $2,471 swing low to the $2,614 high.<\/p>\n

Ethereum is now trading below $2,550 and the 100-hourly Simple Moving Average<\/a>. The bulls seem to be currently active above the 76.4% Fib retracement level of the upward wave from the $2,471 swing low to the $2,614 high.<\/p>\n

On the upside, the price is facing resistance near the $2,540 level. There is also a key bearish trend line forming with resistance near $2,540 on the hourly chart of ETH\/USD. The next major resistance is now near $2,580. A clear move above the $2,580 level might start a decent increase. In the stated case, the price could rise toward the $2,620 level.<\/p>\n

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

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

The next key hurdle sits near the $2,650 zone. A close above the $2,650 resistance could start another steady increase. The next key resistance is near $2,720. Any more gains might send the price toward the $2,800 zone.<\/p>\n

Downside Break in ETH?<\/h2>\n

If Ethereum fails to clear the $2,540 resistance, it could start another decline. Initial support on the downside is near the $2,500 level.<\/p>\n

The next key support could be the $2,470 zone. A downside break below the $2,470 support might send the price further lower. In the stated case, Ether could test the $2,400 support. Any more losses might send the price toward the $2,350 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 $2,500<\/p>\n

Major Resistance Level \u2013 $2,540<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum price struggled to extend gains above $2,600 and $2,620. ETH trimmed gains and might struggle to stay above the $2,500 support zone.<\/em><\/p>\n

Ethereum attempted a fresh increase but failed to surpass $2,620.
\nThe price is trading below $2,550 and the 100-hourly Simple Moving Average.
\nThere is a key bearish trend line forming with resistance near $2,540 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair start another increase if the bulls protect the $2,500 and $2,470 support levels.<\/p>\n

Ethereum Price Revisits Support<\/h2>\n

Ethereum price started a fresh increase above the $2,520 resistance zone. ETH even climbed above the $2,550 level, but the bears were active near $2,600, like Bitcoin<\/a>.<\/p>\n

The price traded as high as $2,614 and recently started a fresh decline. There was a move below the $2,550 support zone. The price traded below the 61.8% Fib retracement level of the upward wave from the $2,471 swing low to the $2,614 high.<\/p>\n

Ethereum is now trading below $2,550 and the 100-hourly Simple Moving Average<\/a>. The bulls seem to be currently active above the 76.4% Fib retracement level of the upward wave from the $2,471 swing low to the $2,614 high.<\/p>\n

On the upside, the price is facing resistance near the $2,540 level. There is also a key bearish trend line forming with resistance near $2,540 on the hourly chart of ETH\/USD. The next major resistance is now near $2,580. A clear move above the $2,580 level might start a decent increase. In the stated case, the price could rise toward the $2,620 level.<\/p>\n

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

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

The next key hurdle sits near the $2,650 zone. A close above the $2,650 resistance could start another steady increase. The next key resistance is near $2,720. Any more gains might send the price toward the $2,800 zone.<\/p>\n

Downside Break in ETH?<\/h2>\n

If Ethereum fails to clear the $2,540 resistance, it could start another decline. Initial support on the downside is near the $2,500 level.<\/p>\n

The next key support could be the $2,470 zone. A downside break below the $2,470 support might send the price further lower. In the stated case, Ether could test the $2,400 support. Any more losses might send the price toward the $2,350 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 $2,500<\/p>\n

Major Resistance Level \u2013 $2,540<\/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-35223","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\/35223","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=35223"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35223\/revisions"}],"predecessor-version":[{"id":35231,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35223\/revisions\/35231"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=35223"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=35223"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=35223"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}