{"id":173379,"date":"2023-10-13T09:12:20","date_gmt":"2023-10-13T03:42:20","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=173379"},"modified":"2023-10-13T09:12:20","modified_gmt":"2023-10-13T03:42:20","slug":"ethereum-price-plunge-imminent-as-key-support-line-collapses-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/ethereum-price-plunge-imminent-as-key-support-line-collapses-crypto-news\/","title":{"rendered":"Ethereum Price Plunge Imminent as Key Support Line Collapses &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p><em>Ethereum price is moving lower toward the $1,500 support against the US dollar. ETH could correct higher, but upsides might be limited above $1,565.<\/em><\/p>\n<ul>\n<li>Ethereum is struggling to start a recovery above $1,550.<\/li>\n<li>The price is trading below $1,565 and the 100-hourly Simple Moving Average.<\/li>\n<li>There are two bearish trend lines forming with resistance near $1,555 and $1,570 on the hourly chart of ETH\/USD (data feed via Kraken).<\/li>\n<li>The pair could correct higher, but the bears might remain active near $1,565.<\/li>\n<\/ul>\n<h2>Ethereum Price Extends Losses<\/h2>\n<p>Ethereum remained in a bearish zone below the $1,580 resistance zone. ETH failed to stay above the key $1,550 support and extended its decline, unlike <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-price-holds-ground-26500\/\">Bitcoin<\/a>.<\/p>\n<p>The price traded to a new weekly low at $1,521. It seems like the price is slowly moving lower after it settled below $1,600. There are also two bearish trend lines forming with resistance near $1,555 and $1,570 on the hourly chart of ETH\/USD.<\/p>\n<p>Ethereum is now trading below $1,565 and the 100-hourly Simple Moving Average. There was a minor increase above the 23.6% Fib retracement level of the recent decline from the $1,595 swing high to the $1,521 low.<\/p>\n<p>On the upside, the price might face resistance near the $1,555 level and the first trend line. The <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.newsbtc.com\/analysis\/eth\/ethereum-bulls-test-1550\/\">first major resistance is near the second trend line<\/a>, $1,565, and the 100-hourly Simple Moving Average. It is close to the 61.8% Fib retracement level of the recent decline from the $1,595 swing high to the $1,521 low.<\/p>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/10\/Ethereum-10.png?resize=1024%2C468\"><\/a><\/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>A clear move above the $1,570 resistance might send the price toward the key resistance at $1,600. In the stated case, Ether could rise and recover toward the $1,665 resistance. Any more gains might open the doors for a move toward $1,750.<\/p>\n<h2>More Losses in ETH?<\/h2>\n<p>If Ethereum fails to clear the $1,565 resistance, it could continue to move down. Initial support on the downside is near the $1,520 level. The next key support is $1,500.<\/p>\n<p>A downside break below the $1,500 support might send the price further lower. In the stated case, the price could drop toward the $1,440 level. Any more losses may perhaps send Ether toward the $1,420 level.<\/p>\n<p>Technical Indicators<\/p>\n<p>Hourly MACD<strong> \u2013 <\/strong>The MACD for ETH\/USD is 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 $1,500<\/p>\n<p>Major Resistance Level \u2013 $1,565<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum price is moving lower toward the $1,500 support against the US dollar. ETH could correct higher, but upsides might be limited above $1,565. Ethereum is struggling to start a recovery above $1,550. The price is trading below $1,565 and the 100-hourly Simple Moving Average. There are two bearish trend lines forming with resistance near [&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-173379","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\/173379","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=173379"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/173379\/revisions"}],"predecessor-version":[{"id":173380,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/173379\/revisions\/173380"}],"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=173379"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=173379"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=173379"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}