{"id":139913,"date":"2023-09-02T00:39:24","date_gmt":"2023-09-01T19:09:24","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=139913"},"modified":"2023-09-02T00:39:24","modified_gmt":"2023-09-01T19:09:24","slug":"ethereum-price-saw-key-technical-correction-but-100-sma-is-still-strong-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/ethereum-price-saw-key-technical-correction-but-100-sma-is-still-strong-crypto-news\/","title":{"rendered":"Ethereum Price Saw Key Technical Correction, But 100 SMA Is Still Strong &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p><em>Ethereum price is attempting a recovery wave above the $1,620 level against the US Dollar. ETH could start a fresh decline if it stays below the 100 hourly SMA.<\/em><\/p>\n<ul>\n<li>Ethereum is struggling to recover above the $1,690 and $1,700 levels.<\/li>\n<li>The price is trading below $1,700 and the 100-hourly Simple Moving Average.<\/li>\n<li>There was a break above a connecting bearish trend line with resistance near $1,670 on the hourly chart of ETH\/USD (data feed via Kraken).<\/li>\n<li>The pair could resume its decline if it stays below the $1,700 level in the near term.<\/li>\n<\/ul>\n<h2>Ethereum Price Faces Hurdles<\/h2>\n<p>Ethereum\u2019s price <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.newsbtc.com\/analysis\/eth\/ethereum-price-negative-1500\/\">declined heavily below the $1,700 level<\/a>. ETH tested the $1,520 zone and recently started a decent recovery wave, similar to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-price-consolidates-losses-25k\/\">Bitcoin<\/a>.<\/p>\n<p>There was a move above the $1,550 and $1,600 levels. The price climbed above the 50% Fib retracement level of the downward move from the $1,825 swing high to the $1,518 low. Besides, there was a break above a connecting bearish trend line with resistance near $1,670 on the hourly chart of ETH\/USD.<\/p>\n<p>However, the bears are still active below the $1,680 level. Ether is also trading below $1,700 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1,690 level. The next resistance is near $1,700 or the 100-hourly Simple Moving Average.<\/p>\n<\/p>\n<p>Source: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/ETHUSD\/\">ETHUSD on TradingView.com<\/a><\/p>\n<p>The 61.8% Fib retracement level of the downward move from the $1,825 swing high to the $1,518 low is also near the $1,700 zone. A close above the $1,700 level could start a decent increase in the near term. The next major resistance is near the $1,750 level. Any more gains might send the price toward the $1,820 resistance, above which the price could rise toward the $1,880 zone.<\/p>\n<h2>Fresh Decline in ETH?<\/h2>\n<p>If Ethereum fails to clear the $1,700 resistance, it could continue to move down. Initial support on the downside is near the $1,640 level.<\/p>\n<p>The first major support is near the $1,600 zone. If the bulls fail to protect the $1,600 support, there could be more losses. The next major support is near the $1,550 support level. Any more losses might send the price toward the $1,520 level in the near term.<\/p>\n<p>Technical Indicators<\/p>\n<p>Hourly MACD<strong> \u2013 <\/strong>The MACD for ETH\/USD is losing momentum in the bearish zone.<\/p>\n<p>Hourly RSI<strong> \u2013 <\/strong>The RSI for ETH\/USD is now near the 50 level.<\/p>\n<p>Major Support Level \u2013 $1,600<\/p>\n<p>Major Resistance Level \u2013 $1,700<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum price is attempting a recovery wave above the $1,620 level against the US Dollar. ETH could start a fresh decline if it stays below the 100 hourly SMA. Ethereum is struggling to recover above the $1,690 and $1,700 levels. The price is trading below $1,700 and the 100-hourly Simple Moving Average. There was a [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":139914,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-139913","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/139913","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=139913"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/139913\/revisions"}],"predecessor-version":[{"id":139915,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/139913\/revisions\/139915"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/139914"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=139913"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=139913"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=139913"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}