{"id":35779,"date":"2024-02-05T04:52:46","date_gmt":"2024-02-05T08:52:46","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=35779"},"modified":"2024-02-05T04:52:46","modified_gmt":"2024-02-05T08:52:46","slug":"ethereum-bears-keep-pushing-why-decline-isnt-over-yet","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/02\/05\/ethereum-bears-keep-pushing-why-decline-isnt-over-yet\/","title":{"rendered":"Ethereum Bears Keep Pushing, Why Decline Isn\u2019t Over Yet"},"content":{"rendered":"

Ethereum price is again moving lower from the $2,325 resistance. ETH could decline heavily if there is a move below the $2,270 support zone.<\/em><\/p>\n

Ethereum is showing a few bearish signs from the $2,325 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 clear the $2,325 resistance zone.<\/p>\n

Ethereum Price Struggles Below $2,325<\/h2>\n

Ethereum price attempted a fresh increase above the $2,300 level. However, ETH faced strong selling interest near the $2,325 zone. A high was formed near $2,327 and the price started a fresh decline, like Bitcoin<\/a>.<\/p>\n

There was a move below the $2,300 support zone. The price even spiked below $2,280 and traded below the 50% Fib retracement level of the upward move from the $2,241 swing low to the $2,327 high. Ethereum is now trading below $2,300 and the 100-hourly Simple Moving Average<\/a>.<\/p>\n

The bulls are now protecting the $2,270 support or the 61.8% Fib retracement level of the upward move from the $2,241 swing low to the $2,327 high. On the upside, the first major resistance is near the $2,300 level. There is also a key bearish trend line forming with resistance near $2,300 on the hourly chart of ETH\/USD.<\/p>\n

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

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

The next major resistance is near $2,325, above which the price might rise and test the $2,380 resistance. If the bulls push the price above the $2,380 resistance, they could aim for $2,440. A clear move above the $2,440 level might send the price further higher. In the stated case, the price could rise toward the $2,500 level.<\/p>\n

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

If Ethereum fails to clear the $2,325 resistance, it could start another decline. Initial support on the downside is near the $2,270 level.<\/p>\n

The next key support could be the $2,240 zone. A clear move below the $2,240 support might send the price toward $2,200. The main support could be $2,120. 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 $2,325<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum price is again moving lower from the $2,325 resistance. ETH could decline heavily if there is a move below the $2,270 support zone.<\/em><\/p>\n

Ethereum is showing a few bearish signs from the $2,325 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 clear the $2,325 resistance zone.<\/p>\n

Ethereum Price Struggles Below $2,325<\/h2>\n

Ethereum price attempted a fresh increase above the $2,300 level. However, ETH faced strong selling interest near the $2,325 zone. A high was formed near $2,327 and the price started a fresh decline, like Bitcoin<\/a>.<\/p>\n

There was a move below the $2,300 support zone. The price even spiked below $2,280 and traded below the 50% Fib retracement level of the upward move from the $2,241 swing low to the $2,327 high. Ethereum is now trading below $2,300 and the 100-hourly Simple Moving Average<\/a>.<\/p>\n

The bulls are now protecting the $2,270 support or the 61.8% Fib retracement level of the upward move from the $2,241 swing low to the $2,327 high. On the upside, the first major resistance is near the $2,300 level. There is also a key bearish trend line forming with resistance near $2,300 on the hourly chart of ETH\/USD.<\/p>\n

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

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

The next major resistance is near $2,325, above which the price might rise and test the $2,380 resistance. If the bulls push the price above the $2,380 resistance, they could aim for $2,440. A clear move above the $2,440 level might send the price further higher. In the stated case, the price could rise toward the $2,500 level.<\/p>\n

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

If Ethereum fails to clear the $2,325 resistance, it could start another decline. Initial support on the downside is near the $2,270 level.<\/p>\n

The next key support could be the $2,240 zone. A clear move below the $2,240 support might send the price toward $2,200. The main support could be $2,120. 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 $2,325<\/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-35779","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\/35779","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=35779"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35779\/revisions"}],"predecessor-version":[{"id":35784,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35779\/revisions\/35784"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=35779"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=35779"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=35779"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}