Ethereum failed to test $1,700 and started a major decline against the US Dollar. ETH declined over 7% and there was a move below the $1,540 support.<\/p>\n
Ethereum started a major decline below the $1,600 and $1,540 support levels.
\nThe price is now trading below $1,600 and the 100 hourly simple moving average.
\nThere was a break below a major bullish trend line with support near $1,570 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair must stay above the $1,500 support to avoid more losses in the near term.<\/p>\n
Ethereum Trimmed Gains<\/p>\n
Ethereum climbed above the $1,620 and $1,650 resistance levels. However, ETH failed to test the $1,700 resistance zone. A high was formed near the $1,686 level and there was a sharp bearish wave, similar to bitcoin<\/a>.<\/p>\n The price declined below the $1,620 and $1,600 support levels. There was a break below a major bullish trend line with support near $1,570 on the hourly chart of ETH\/USD. The pair even broke the $1,540 support level and the 100 hourly simple moving average<\/a>.<\/p>\n Ether price spiked below the $1,500 level and a low is formed at $1,490. It is now consolidating losses above the $1,500 level. An immediate resistance on the upside is near the $1,520 level.<\/p>\n The next major resistance is now forming near the $1,540 level. It is near the 23.6% Fib retracement level of the recent decline from the $1,686 swing high to $1,490 low. A clear move above the $1,540 level might push the price towards the $1,565 level.<\/p>\n <\/a><\/p>\n Source: ETHUSD on TradingView.com<\/a><\/p>\n The next major resistance sits near the $1,585 level. It is near the 50% Fib retracement level of the recent decline from the $1,686 swing high to $1,490 low. Any more gains may perhaps open the doors for a move towards the $1,620 resistance in the near term.<\/p>\n More Losses in ETH?<\/p>\n If ethereum fails to rise above the $1,540 resistance, it could continue to move down. An initial support on the downside is near the $1,500 zone.<\/p>\n The next major support is near $1,480. A close below the $1,480 level might send ether price towards $1,420. Any more losses may perhaps push the price towards the $1,350 zone.<\/p>\n Technical Indicators<\/p>\n Hourly MACD \u2013 The MACD for ETH\/USD is now gaining momentum in the bearish zone.<\/p>\n Hourly RSI \u2013 The RSI for ETH\/USD is now below the 40 level.<\/p>\n Major Support Level \u2013 $1,500<\/p>\n Major Resistance Level \u2013 $1,540<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n Ethereum failed to test $1,700 and started a major decline against the US Dollar. ETH declined over 7% and there was a move below the $1,540 support.<\/p>\n Ethereum started a major decline below the $1,600 and $1,540 support levels. Ethereum Trimmed Gains<\/p>\n Ethereum climbed above the $1,620 and $1,650 resistance levels. However, ETH failed to test the $1,700 resistance zone. A high was formed near the $1,686 level and there was a sharp bearish wave, similar to bitcoin<\/a>.<\/p>\n The price declined below the $1,620 and $1,600 support levels. There was a break below a major bullish trend line with support near $1,570 on the hourly chart of ETH\/USD. The pair even broke the $1,540 support level and the 100 hourly simple moving average<\/a>.<\/p>\n Ether price spiked below the $1,500 level and a low is formed at $1,490. It is now consolidating losses above the $1,500 level. An immediate resistance on the upside is near the $1,520 level.<\/p>\n The next major resistance is now forming near the $1,540 level. It is near the 23.6% Fib retracement level of the recent decline from the $1,686 swing high to $1,490 low. A clear move above the $1,540 level might push the price towards the $1,565 level.<\/p>\n
\nThe price is now trading below $1,600 and the 100 hourly simple moving average.
\nThere was a break below a major bullish trend line with support near $1,570 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair must stay above the $1,500 support to avoid more losses in the near term.<\/p>\n
![<\/a><\/p>\nSource: ETHUSD on TradingView.com<\/a><\/p>\nThe next major resistance sits near the $1,585 level. It is near the 50% Fib retracement level of the recent decline from the $1,686 swing high to $1,490 low. Any more gains may perhaps open the doors for a move towards the $1,620 resistance in the near term.<\/p>\nMore Losses in ETH?<\/p>\nIf ethereum fails to rise above the $1,540 resistance, it could continue to move down. An initial support on the downside is near the $1,500 zone.<\/p>\nThe next major support is near $1,480. A close below the $1,480 level might send ether price towards $1,420. Any more losses may perhaps push the price towards the $1,350 zone.<\/p>\nTechnical Indicators<\/p>\nHourly MACD \u2013 The MACD for ETH\/USD is now gaining momentum in the bearish zone.<\/p>\nHourly RSI \u2013 The RSI for ETH\/USD is now below the 40 level.<\/p>\nMajor Support Level \u2013 $1,500<\/p>\nMajor Resistance Level \u2013 $1,540<\/p>","protected":false},"excerpt":{"rendered":"<\/p>\nEthereum failed to test $1,700 and started a major decline against the US Dollar. ETH declined over 7% and there was a move below the $1,540 support.<\/p>\nEthereum started a major decline below the $1,600 and $1,540 support levels.\nThe price is now trading below $1,600 and the 100 hourly simple moving average.\nThere was a break below a major bullish trend line with support near $1,570 on the hourly chart of ETH\/USD (data feed via Kraken).\nThe pair must stay above the $1,500 support to avoid more losses in the near term.<\/p>\nEthereum Trimmed Gains<\/p>\nEthereum climbed above the $1,620 and $1,650 resistance levels. However, ETH failed to test the $1,700 resistance zone. A high was formed near the $1,686 level and there was a sharp bearish wave, similar to bitcoin<\/a>.<\/p>\nThe price declined below the $1,620 and $1,600 support levels. There was a break below a major bullish trend line with support near $1,570 on the hourly chart of ETH\/USD. The pair even broke the $1,540 support level and the 100 hourly simple moving average<\/a>.<\/p>\nEther price spiked below the $1,500 level and a low is formed at $1,490. It is now consolidating losses above the $1,500 level. An immediate resistance on the upside is near the $1,520 level.<\/p>\nThe next major resistance is now forming near the $1,540 level. It is near the 23.6% Fib retracement level of the recent decline from the $1,686 swing high to $1,490 low. A clear move above the $1,540 level might push the price towards the $1,565 level.<\/p>\n<\/a><\/p>\nSource: ETHUSD on TradingView.com<\/a><\/p>\nThe next major resistance sits near the $1,585 level. It is near the 50% Fib retracement level of the recent decline from the $1,686 swing high to $1,490 low. Any more gains may perhaps open the doors for a move towards the $1,620 resistance in the near term.<\/p>\nMore Losses in ETH?<\/p>\nIf ethereum fails to rise above the $1,540 resistance, it could continue to move down. An initial support on the downside is near the $1,500 zone.<\/p>\nThe next major support is near $1,480. A close below the $1,480 level might send ether price towards $1,420. Any more losses may perhaps push the price towards the $1,350 zone.<\/p>\nTechnical Indicators<\/p>\nHourly MACD \u2013 The MACD for ETH\/USD is now gaining momentum in the bearish zone.<\/p>\nHourly RSI \u2013 The RSI for ETH\/USD is now below the 40 level.<\/p>\nMajor Support Level \u2013 $1,500<\/p>\nMajor Resistance Level \u2013 $1,540<\/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-7107","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\/7107","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=7107"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/7107\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=7107"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=7107"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=7107"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}](\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2022\/09\/Ethereum-4.png\"){kind=link}