{"id":153376,"date":"2023-09-11T09:56:00","date_gmt":"2023-09-11T04:26:00","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=153376"},"modified":"2023-09-11T09:56:00","modified_gmt":"2023-09-11T04:26:00","slug":"this-confluence-of-bearish-factors-shows-ethereum-could-decline-heavily-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/this-confluence-of-bearish-factors-shows-ethereum-could-decline-heavily-crypto-news\/","title":{"rendered":"This Confluence Of Bearish Factors Shows Ethereum Could Decline Heavily &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p><em>Ethereum price failed to settle above $1,650 and trimmed gains against the US Dollar. ETH is now trading in a bearish zone and could decline heavily.<\/em><\/p>\n<ul>\n<li>Ethereum peaked near $1,670 and started a fresh decline.<\/li>\n<li>The price is trading below $1,650 and the 100-hourly Simple Moving Average.<\/li>\n<li>There is a key bearish trend line forming with resistance near $1,620 on the hourly chart of ETH\/USD (data feed via Kraken).<\/li>\n<li>The pair could gain bearish momentum if there is a close below $1,600 and $1,580.<\/li>\n<\/ul>\n<h2>Ethereum Price Turns Red<\/h2>\n<p>Ethereum\u2019s price <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.newsbtc.com\/analysis\/eth\/ethereum-price-rally-1670-key\/\">attempted a fresh increase<\/a> above the $1,620 pivot level. ETH even broke the $1,650 resistance but the bears were active near the $1,670 level.<\/p>\n<p>As a result, the price failed to continue higher and started a fresh decline below $1,650, like <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-price-bearish-break-risk-25350\/\">Bitcoin<\/a>. There was a downside break below the $1,620 level and the 100-hourly Simple Moving Average. The price even retested the $1,600 support zone.<\/p>\n<p>A low is formed near $1,600 and the price is now consolidating losses. Ether is now trading below $1,650 and the 100-hourly Simple Moving Average. Besides, there is a key bearish trend line forming with resistance near $1,620 on the hourly chart of ETH\/USD. The trend line is close to the 23.6% Fib retracement level of the downward move from the $1,669 swing high to the $1,600 low.<\/p>\n<p>On the upside, the price might face resistance near the $1,620 level and the trend line. The next resistance is near the $1,635 level or the 50% Fib retracement level of the downward move from the $1,669 swing high to the $1,600 low.<\/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 first major resistance is near $1,650, above which the price could rise toward the $1,670 level. The next major hurdle is near the $1,700 level. A close above the $1,700 level might send Ethereum further higher toward $1,750.<\/p>\n<h2>Downside Break in ETH?<\/h2>\n<p>If Ethereum fails to clear the $1,620 resistance, it could start another decline. Initial support on the downside is near the $1,600 level.<\/p>\n<p>The first key support is close to $1,580. The next key support is $1,540. A downside break below $1,540 might start a major decline toward $1,450. If there is a downside break below $1,450, the price could test the $1,320 support level.<\/p>\n<p>Technical Indicators<\/p>\n<p>Hourly MACD<strong> \u2013 <\/strong>The MACD for ETH\/USD is slowly gaining momentum in the bearish zone.<\/p>\n<p>Hourly RSI<strong> \u2013 <\/strong>The RSI for ETH\/USD is now below the 50 level.<\/p>\n<p>Major Support Level \u2013 $1,600<\/p>\n<p>Major Resistance Level \u2013 $1,650<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum price failed to settle above $1,650 and trimmed gains against the US Dollar. ETH is now trading in a bearish zone and could decline heavily. Ethereum peaked near $1,670 and started a fresh decline. The price is trading below $1,650 and the 100-hourly Simple Moving Average. There is a key bearish trend line forming [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":153377,"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-153376","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\/153376","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=153376"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/153376\/revisions"}],"predecessor-version":[{"id":153378,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/153376\/revisions\/153378"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/153377"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=153376"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=153376"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=153376"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}