Ethereum started a major decline below the $1,600 zone against the US Dollar. ETH even declined below $1,500 and now any recovery could face hurdles.<\/p>\n
Ethereum extended its drop below the $1,600 and $1,500 levels.
\nThe price is now trading below $1,500 and the 100 hourly simple moving average.
\nThere is a key bearish trend line forming with resistance near $1,480 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could correct higher, but upsides might be limited above $1,500.<\/p>\n
Ethereum Price Takes Hit<\/p>\n
Ethereum failed to gain pace above the $1,660 and $1,675 resistance levels<\/a>. ETH started a fresh decline and traded below the key $1,600 support zone.<\/p>\n It opened the doors for a move below the $1,550 and $1,500 support levels. Ether price even settled below the $1,500 level and the 100 hourly simple moving average. A low was formed near the $1,423 level and the price is now correcting losses.<\/p>\n An immediate resistance on the upside is near the $1,460 level. The first major resistance is now forming near the $1,480 level. It is near the 23.6% Fib retracement level of the recent decline from the $1,707 swing high to $1,423 low.<\/p>\n There is also a key bearish trend line forming with resistance near $1,480 on the hourly chart of ETH\/USD. The next major resistance is near the $1,540 level and the 100 hourly simple moving average<\/a>.<\/p>\n <\/a><\/p>\n Source: ETHUSD on TradingView.com<\/a><\/p>\n The 50% Fib retracement level of the recent decline from the $1,707 swing high to $1,423 low is also near the $1,565 level. A clear move above the $1,565 level might send the price towards $1,600 resistance. Any more gains may perhaps open the doors for a test of the $1,650 resistance.<\/p>\n More Losses in ETH?<\/p>\n If ethereum fails to rise above the $1,480 resistance, it could continue to move down. An initial support on the downside is near the $1,425 zone.<\/p>\n The next major support is near $1,400, below which ether price might accelerate lower. In the stated case, the price may perhaps decline towards the $1,320 level. Any more losses may perhaps send the price towards the $1,250 level.<\/p>\n Technical Indicators<\/p>\n Hourly MACD \u2013 The MACD for ETH\/USD is now losing momentum in the bearish zone.<\/p>\n Hourly RSI \u2013 The RSI for ETH\/USD is now below the 50 level.<\/p>\n Major Support Level \u2013 $1,425<\/p>\n Major Resistance Level \u2013 $1,480<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n Ethereum started a major decline below the $1,600 zone against the US Dollar. ETH even declined below $1,500 and now any recovery could face hurdles.<\/p>\n Ethereum extended its drop below the $1,600 and $1,500 levels. Ethereum Price Takes Hit<\/p>\n Ethereum failed to gain pace above the $1,660 and $1,675 resistance levels<\/a>. ETH started a fresh decline and traded below the key $1,600 support zone.<\/p>\n It opened the doors for a move below the $1,550 and $1,500 support levels. Ether price even settled below the $1,500 level and the 100 hourly simple moving average. A low was formed near the $1,423 level and the price is now correcting losses.<\/p>\n An immediate resistance on the upside is near the $1,460 level. The first major resistance is now forming near the $1,480 level. It is near the 23.6% Fib retracement level of the recent decline from the $1,707 swing high to $1,423 low.<\/p>\n There is also a key bearish trend line forming with resistance near $1,480 on the hourly chart of ETH\/USD. The next major resistance is near the $1,540 level and the 100 hourly simple moving average<\/a>.<\/p>\n
\nThe price is now trading below $1,500 and the 100 hourly simple moving average.
\nThere is a key bearish trend line forming with resistance near $1,480 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could correct higher, but upsides might be limited above $1,500.<\/p>\n
![<\/a><\/p>\nSource: ETHUSD on TradingView.com<\/a><\/p>\nThe 50% Fib retracement level of the recent decline from the $1,707 swing high to $1,423 low is also near the $1,565 level. A clear move above the $1,565 level might send the price towards $1,600 resistance. Any more gains may perhaps open the doors for a test of the $1,650 resistance.<\/p>\nMore Losses in ETH?<\/p>\nIf ethereum fails to rise above the $1,480 resistance, it could continue to move down. An initial support on the downside is near the $1,425 zone.<\/p>\nThe next major support is near $1,400, below which ether price might accelerate lower. In the stated case, the price may perhaps decline towards the $1,320 level. Any more losses may perhaps send the price towards the $1,250 level.<\/p>\nTechnical Indicators<\/p>\nHourly MACD \u2013 The MACD for ETH\/USD is now losing momentum in the bearish zone.<\/p>\nHourly RSI \u2013 The RSI for ETH\/USD is now below the 50 level.<\/p>\nMajor Support Level \u2013 $1,425<\/p>\nMajor Resistance Level \u2013 $1,480<\/p>","protected":false},"excerpt":{"rendered":"<\/p>\nEthereum started a major decline below the $1,600 zone against the US Dollar. ETH even declined below $1,500 and now any recovery could face hurdles.<\/p>\nEthereum extended its drop below the $1,600 and $1,500 levels.\nThe price is now trading below $1,500 and the 100 hourly simple moving average.\nThere is a key bearish trend line forming with resistance near $1,480 on the hourly chart of ETH\/USD (data feed via Kraken).\nThe pair could correct higher, but upsides might be limited above $1,500.<\/p>\nEthereum Price Takes Hit<\/p>\nEthereum failed to gain pace above the $1,660 and $1,675 resistance levels<\/a>. ETH started a fresh decline and traded below the key $1,600 support zone.<\/p>\nIt opened the doors for a move below the $1,550 and $1,500 support levels. Ether price even settled below the $1,500 level and the 100 hourly simple moving average. A low was formed near the $1,423 level and the price is now correcting losses.<\/p>\nAn immediate resistance on the upside is near the $1,460 level. The first major resistance is now forming near the $1,480 level. It is near the 23.6% Fib retracement level of the recent decline from the $1,707 swing high to $1,423 low.<\/p>\nThere is also a key bearish trend line forming with resistance near $1,480 on the hourly chart of ETH\/USD. The next major resistance is near the $1,540 level and the 100 hourly simple moving average<\/a>.<\/p>\n<\/a><\/p>\nSource: ETHUSD on TradingView.com<\/a><\/p>\nThe 50% Fib retracement level of the recent decline from the $1,707 swing high to $1,423 low is also near the $1,565 level. A clear move above the $1,565 level might send the price towards $1,600 resistance. Any more gains may perhaps open the doors for a test of the $1,650 resistance.<\/p>\nMore Losses in ETH?<\/p>\nIf ethereum fails to rise above the $1,480 resistance, it could continue to move down. An initial support on the downside is near the $1,425 zone.<\/p>\nThe next major support is near $1,400, below which ether price might accelerate lower. In the stated case, the price may perhaps decline towards the $1,320 level. Any more losses may perhaps send the price towards the $1,250 level.<\/p>\nTechnical Indicators<\/p>\nHourly MACD \u2013 The MACD for ETH\/USD is now losing momentum in the bearish zone.<\/p>\nHourly RSI \u2013 The RSI for ETH\/USD is now below the 50 level.<\/p>\nMajor Support Level \u2013 $1,425<\/p>\nMajor Resistance Level \u2013 $1,480<\/p>\n<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-6493","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\/6493","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=6493"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/6493\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=6493"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=6493"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=6493"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}](\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2022\/08\/Ethereum-19.png\"){kind=link}