{"id":519970,"date":"2023-02-17T04:55:25","date_gmt":"2023-02-17T04:55:25","guid":{"rendered":"https:\/\/wncen.com\/?p=519970"},"modified":"2024-06-11T13:26:59","modified_gmt":"2024-06-11T13:26:59","slug":"ethereum-price-correction-1640","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/ethereum-price-correction-1640\/","title":{"rendered":"Ethereum Price Saw Key Technical Correction, But 100 SMA Is Still Strong"},"content":{"rendered":"<p><em>Ethereum price spiked above $1,700 before correcting lower against the US Dollar. ETH is still well supported above the $1,600 zone and the 100 hourly SMA.<\/em><\/p>\n<ul>\n<li>Ethereum climbed above the $1,700 resistance before the bears took a stand.<\/li>\n<li>The price is still trading above $1,600 and the 100 hourly simple moving average.<\/li>\n<li>There is a major bullish trend line forming with support near $1,640 on the hourly chart of ETH\/USD (data feed via Kraken).<\/li>\n<li>The pair could start another increase unless there is a clear move below the $1,600 support.<\/li>\n<\/ul>\n<h2>Ethereum Price Drops $100<\/h2>\n<p>Ethereum price attempted more gains above the $1,700 resistance zone. ETH spiked above the $1,700 level before the bears took a stand, similar to <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-rejects-25k-again\/?swcfpc=1\" target=\"_blank\" rel=\"noopener \">bitcoin<\/a>.<\/p>\n<p>A new weekly high was formed near $1,745 before there was a sharp decline. The price declined below the $1,700 and $1,680 levels. There was even a spike below the 50% Fib retracement level of the upward move from the $1,544 swing low to $1,745 high.<\/p>\n<p>However, the bulls were active above the $1,620 support. Ether price is still trading above $1,600 and the 100 hourly simple moving average. There is also a <a href=\"https:\/\/wncen.com\/analysis\/eth\/ethereum-price-revisits-1700-2\/?swcfpc=1\" target=\"_blank\" rel=\"noopener \">major bullish trend line<\/a> forming with support near $1,640 on the hourly chart of ETH\/USD.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/Ethereum-12.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-519972\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/Ethereum-12.png?resize=1834%2C845\" alt=\"Ethereum Price\" width=\"1834\" height=\"845\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/Ethereum-12.png?w=1834 1834w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/Ethereum-12.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/Ethereum-12.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/Ethereum-12.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/Ethereum-12.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/Ethereum-12.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/Ethereum-12.png?w=1140 1140w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<p>Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/ETHUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">ETHUSD on TradingView.com<\/a><\/p>\n<p>On the upside, the price is facing resistance near the $1,680 level. The next major resistance is near the $1,700 zone. A proper close above the $1,700 resistance zone could start a steady increase. In the stated case, the price may perhaps rise towards the $1,780 resistance. The next major resistance is near the $1,840 level.<\/p>\n<h2>More Losses in ETH?<\/h2>\n<p>If ethereum fails to clear the $1,700 resistance, it could continue to move down. An initial support on the downside is near the $1,640 level and the trend line.<\/p>\n<p>The next major support is near the $1,640 zone or the 100 hourly SMA or the 61.8% Fib retracement level of the upward move from the $1,544 swing low to $1,745 high. If there is a break below $1,600, the price might continue to drop and move towards the $1,565 support. Any more losses might call for a test of the $1,500 level.<\/p>\n<p>Technical Indicators<\/p>\n<p>Hourly MACD<strong> \u2013 <\/strong>The MACD for ETH\/USD is now losing momentum in the bearish zone.<\/p>\n<p>Hourly RSI<strong> &#8211; <\/strong>The RSI for ETH\/USD is now below the 50 level.<\/p>\n<p>Major Support Level \u2013 $1,640<\/p>\n<p>Major Resistance Level \u2013 $1,700<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum price spiked above $1,700 before correcting lower against the US Dollar. ETH is still well supported above the $1,600 zone and the 100 hourly SMA. Ethereum climbed above the $1,700 resistance before the bears took a stand. The price is still trading above $1,600 and the 100 hourly simple moving average. There is a major bullish trend line forming with support near $1,640 on the hourly chart of ETH\/USD (data feed via Kraken). The pair could start another increase unless there is a clear move below the $1,600 support. Ethereum Price Drops $100 Ethereum price attempted more gains above the $1,700 resistance zone. ETH spiked above the $1,700 level before the bears took a stand, similar to bitcoin. A new weekly high was formed near $1,745 before there was a sharp decline. The price declined below the $1,700 and $1,680 levels. There was even a spike below the 50% Fib retracement level of the upward move from the $1,544 swing low to $1,745 high. However, the bulls were active above the $1,620 support. Ether price is still trading above $1,600 and the 100 hourly simple moving average. There is also a major bullish trend line forming with support near $1,640 on the hourly chart of ETH\/USD. Source: ETHUSD on TradingView.com On the upside, the price is facing resistance near the $1,680 level. The next major resistance is near the $1,700 zone. A proper close above the $1,700 resistance zone could start a steady increase. In the stated case, the price may perhaps rise towards the $1,780 resistance. The next major resistance is near the $1,840 level. More Losses in ETH? If ethereum fails to clear the $1,700 resistance, it could continue to move down. An initial support on the downside is near the $1,640 level and the trend line. The next major support is near the $1,640 zone or the 100 hourly SMA or the 61.8% Fib retracement level of the upward move from the $1,544 swing low to $1,745 high. If there is a break below $1,600, the price might continue to drop and move towards the $1,565 support. Any more losses might call for a test of the $1,500 level. Technical Indicators Hourly MACD \u2013 The MACD for ETH\/USD is now losing momentum in the bearish zone. Hourly RSI &#8211; The RSI for ETH\/USD is now below the 50 level. Major Support Level \u2013 $1,640 Major Resistance Level \u2013 $1,700<\/p>\n","protected":false},"author":67,"featured_media":462718,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[8323,1946,8686,78803],"class_list":["post-519970","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-eth","tag-ethereum","tag-ethusd","tag-ethusdt"],"acf":[],"yoast_head":"\n<title>Ethereum Price Saw Key Technical Correction, But 100 SMA Is Still Strong<\/title>\n<meta name=\"description\" content=\"Ethereum price spiked above $1,700 before correcting lower against the US Dollar. 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Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis. From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation. As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape. In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions. Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences. Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department. At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe. In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.","sameAs":["https:\/\/www.linkedin.com\/in\/aayush-jindal-358b6932\/","https:\/\/x.com\/twitter.com\/AayushJs"],"url":"https:\/\/wncen.com\/author\/aayushjindal\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Ethereum Price Saw Key Technical Correction, But 100 SMA Is Still Strong","url":"http:\/\/wncen.com\/news\/ethereum\/ethereum-price-correction-1640\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/ethereum\/ethereum-price-correction-1640\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/04\/shutterstock_1029670141.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/04\/shutterstock_1029670141.jpg?fit=1000%2C599"},"articleSection":"Ethereum","author":[{"@type":"Person","name":"Aayush Jindal"}],"creator":["Aayush Jindal"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["eth","ethereum","ethusd","ethusdt"],"dateCreated":"2023-02-17T04:55:25Z","datePublished":"2023-02-17T04:55:25Z","dateModified":"2024-06-11T13:26:59Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Ethereum Price Saw Key Technical Correction, But 100 SMA Is Still Strong\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/ethereum-price-correction-1640\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/ethereum-price-correction-1640\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/04\\\/shutterstock_1029670141.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/04\\\/shutterstock_1029670141.jpg?fit=1000%2C599\"},\"articleSection\":\"Ethereum\",\"author\":[{\"@type\":\"Person\",\"name\":\"Aayush Jindal\"}],\"creator\":[\"Aayush Jindal\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"eth\",\"ethereum\",\"ethusd\",\"ethusdt\"],\"dateCreated\":\"2023-02-17T04:55:25Z\",\"datePublished\":\"2023-02-17T04:55:25Z\",\"dateModified\":\"2024-06-11T13:26:59Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/04\/shutterstock_1029670141.jpg?fit=1000%2C599","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/519970","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=519970"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/519970\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/462718"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=519970"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=519970"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=519970"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}