{"id":35668,"date":"2024-02-01T12:52:59","date_gmt":"2024-02-01T16:52:59","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=35668"},"modified":"2024-02-01T12:52:59","modified_gmt":"2024-02-01T16:52:59","slug":"ethereum-price-topside-bias-vulnerable-unless-it-surges-past-100-sma","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/02\/01\/ethereum-price-topside-bias-vulnerable-unless-it-surges-past-100-sma\/","title":{"rendered":"Ethereum Price Topside Bias Vulnerable Unless It Surges Past 100 SMA"},"content":{"rendered":"

Ethereum price started a fresh decline from the $2,350 resistance. ETH is now testing the $2,240 support and remains at risk of more downsides.<\/em><\/p>\n

Ethereum started a fresh decline after it failed to surpass the $2,350 resistance zone.
\nThe price is trading below $2,300 and the 100-hourly Simple Moving Average.
\nThere is a key bearish trend line forming with resistance near $2,300 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair might start a fresh increase if it manages to stay above the $2,240 level.<\/p>\n

Ethereum Price Eyes Fresh Increase<\/h2>\n

Ethereum price attempted a fresh increase above the $2,320 resistance zone. However, ETH struggled to gain strength for a move above the $2,350 resistance zone, like Bitcoin<\/a>.<\/p>\n

A high was formed near $2,350 and the price started a fresh decline. There was a clear move below the $2,320 and $2,300 levels. The price retested the $2,240 support. A low is formed near $2,241 and the price is now consolidating losses.<\/p>\n

It is testing the 23.6% Fib retracement level of the downward move from the $2,350 swing high to the $2,241 low. There is also a key bearish trend line forming with resistance near $2,300 on the hourly chart of ETH\/USD.<\/p>\n

Ethereum is now trading below $2,300 and the 100-hourly Simple Moving Average<\/a>. On the upside, the first major resistance is near the $2,275 level. The next major resistance is near $2,300 or the trend line. It is near the 50% Fib retracement level of the downward move from the $2,350 swing high to the $2,241 low.<\/p>\n

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

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

The next key resistance might be $2,325, above which the price might rise and test the $2,350 resistance. If the bulls push the price above the $2,350 resistance, they could aim for $2,400. A clear move above the $2,400 level might send the price further higher. In the stated case, the price could rise toward the $2,450 level.<\/p>\n

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

If Ethereum fails to clear the $2,300 resistance, it could continue to move down. Initial support on the downside is near the $2,240 level.<\/p>\n

The next key support could be the $2,200 zone. A daily close below the $2,200 support might start another steady decline. In the stated case, Ether could test the $2,120 support. Any more losses might send the price toward the $2,080 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 $2,240<\/p>\n

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

<\/p>\n

Ethereum price started a fresh decline from the $2,350 resistance. ETH is now testing the $2,240 support and remains at risk of more downsides.<\/em><\/p>\n

Ethereum started a fresh decline after it failed to surpass the $2,350 resistance zone.
\nThe price is trading below $2,300 and the 100-hourly Simple Moving Average.
\nThere is a key bearish trend line forming with resistance near $2,300 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair might start a fresh increase if it manages to stay above the $2,240 level.<\/p>\n

Ethereum Price Eyes Fresh Increase<\/h2>\n

Ethereum price attempted a fresh increase above the $2,320 resistance zone. However, ETH struggled to gain strength for a move above the $2,350 resistance zone, like Bitcoin<\/a>.<\/p>\n

A high was formed near $2,350 and the price started a fresh decline. There was a clear move below the $2,320 and $2,300 levels. The price retested the $2,240 support. A low is formed near $2,241 and the price is now consolidating losses.<\/p>\n

It is testing the 23.6% Fib retracement level of the downward move from the $2,350 swing high to the $2,241 low. There is also a key bearish trend line forming with resistance near $2,300 on the hourly chart of ETH\/USD.<\/p>\n

Ethereum is now trading below $2,300 and the 100-hourly Simple Moving Average<\/a>. On the upside, the first major resistance is near the $2,275 level. The next major resistance is near $2,300 or the trend line. It is near the 50% Fib retracement level of the downward move from the $2,350 swing high to the $2,241 low.<\/p>\n

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

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

The next key resistance might be $2,325, above which the price might rise and test the $2,350 resistance. If the bulls push the price above the $2,350 resistance, they could aim for $2,400. A clear move above the $2,400 level might send the price further higher. In the stated case, the price could rise toward the $2,450 level.<\/p>\n

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

If Ethereum fails to clear the $2,300 resistance, it could continue to move down. Initial support on the downside is near the $2,240 level.<\/p>\n

The next key support could be the $2,200 zone. A daily close below the $2,200 support might start another steady decline. In the stated case, Ether could test the $2,120 support. Any more losses might send the price toward the $2,080 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 $2,240<\/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-35668","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\/35668","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=35668"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35668\/revisions"}],"predecessor-version":[{"id":35678,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35668\/revisions\/35678"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=35668"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=35668"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=35668"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}