{"id":176347,"date":"2023-10-18T09:54:26","date_gmt":"2023-10-18T04:24:26","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=176347"},"modified":"2023-10-18T09:54:26","modified_gmt":"2023-10-18T04:24:26","slug":"ethereum-underperforms-bitcoin-bulls-struggle-to-protect-key-support-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/ethereum-underperforms-bitcoin-bulls-struggle-to-protect-key-support-crypto-news\/","title":{"rendered":"Ethereum Underperforms Bitcoin, Bulls Struggle To Protect Key Support &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p><em>Ethereum price failed to start fresh increase above $1,600 against the US dollar. ETH is now struggling to stay above the $1,550 support zone.<\/em><\/p>\n<ul>\n<li>Ethereum extended its decline and tested the $1,550 support zone.<\/li>\n<li>The price is trading just below $1,580 and the 100-hourly Simple Moving Average.<\/li>\n<li>There is a connecting bearish trend line forming with resistance near $1,570 on the hourly chart of ETH\/USD (data feed via Kraken).<\/li>\n<li>The pair could accelerate lower if the bulls fail to protect the $1,550 support.<\/li>\n<\/ul>\n<h2>Ethereum Price Dips Further<\/h2>\n<p>Ethereum struggled to settle above $1,650 and started a fresh decline. ETH traded below the $1,620 and $1,600 support levels. There was a short consolidation phase before the price extended its decline, unlike <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-price-liftoff-30k-2\/\">Bitcoin<\/a>.<\/p>\n<p>There was a move below the $1,575 support and the price tested $1,550. A low is formed near $1,553 and the price is now consolidating losses. There is also a connecting bearish trend line forming with resistance near $1,570 on the hourly chart of ETH\/USD.<\/p>\n<p>Ethereum is now trading just below $1,580 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $1,570 level and the trend line. The 23.6% Fib retracement level of the downward move from the $1,669 swing high to the $1,553 low is also just above the trend line.<\/p>\n<p>The <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.newsbtc.com\/analysis\/eth\/ethereum-price-faces-test-1570\/\">first major resistance is near the $1,600 zone<\/a> or the 50% Fib retracement level of the downward move from the $1,669 swing high to the $1,553 low.<\/p>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/10\/Ethereum-13.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 close above the $1,600 resistance might start a decent increase. In the stated case, Ether could rise and recover toward the $1,660 resistance. Any more gains might open the doors for a move toward $1,720.<\/p>\n<h2>More Losses in ETH?<\/h2>\n<p>If Ethereum fails to clear the $1,570 resistance, it could start another decline. Initial support on the downside is near the $1,550 level.<\/p>\n<p>The next key support is $1,520. A downside break below the $1,520 support might send the price further lower. In the stated case, the price could drop toward the $1,480 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 losing momentum in the bullish 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 $1,550<\/p>\n<p>Major Resistance Level \u2013 $1,570<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum price failed to start fresh increase above $1,600 against the US dollar. ETH is now struggling to stay above the $1,550 support zone. Ethereum extended its decline and tested the $1,550 support zone. The price is trading just below $1,580 and the 100-hourly Simple Moving Average. There is a connecting bearish trend line forming [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":154144,"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-176347","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\/176347","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=176347"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/176347\/revisions"}],"predecessor-version":[{"id":176348,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/176347\/revisions\/176348"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/154144"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=176347"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=176347"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=176347"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}