{"id":550682,"date":"2023-09-11T04:21:55","date_gmt":"2023-09-11T04:21:55","guid":{"rendered":"https:\/\/wncen.com\/?p=550682"},"modified":"2024-06-11T14:29:07","modified_gmt":"2024-06-11T14:29:07","slug":"ethereum-could-decline-heavily-1600","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/ethereum-could-decline-heavily-1600\/","title":{"rendered":"This Confluence Of Bearish Factors Shows Ethereum Could Decline Heavily"},"content":{"rendered":"<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 href=\"https:\/\/wncen.com\/analysis\/eth\/ethereum-price-rally-1670-key\/\" target=\"_blank\" rel=\"noopener \">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 href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-bearish-break-risk-25350\/\" target=\"_blank\" rel=\"noopener \">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><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-550683\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/Ethereum-6.png?resize=1024%2C468\" alt=\"Ethereum price\" width=\"1024\" height=\"468\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/Ethereum-6.png?w=1835 1835w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/Ethereum-6.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/Ethereum-6.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/Ethereum-6.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/Ethereum-6.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/Ethereum-6.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/Ethereum-6.png?w=1140 1140w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\"><\/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>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> &#8211; <\/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","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 with resistance near $1,620 on the hourly chart of ETH\/USD (data feed via Kraken). The pair could gain bearish momentum if there is a close below $1,600 and $1,580. Ethereum Price Turns Red Ethereum\u2019s price attempted a fresh increase above the $1,620 pivot level. ETH even broke the $1,650 resistance but the bears were active near the $1,670 level. As a result, the price failed to continue higher and started a fresh decline below $1,650, like Bitcoin. 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. 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. 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. Source: ETHUSD on TradingView.com 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. Downside Break in ETH? 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. 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. Technical Indicators Hourly MACD \u2013 The MACD for ETH\/USD is slowly gaining momentum in the bearish zone. Hourly RSI &#8211; The RSI for ETH\/USD is now below the 50 level. Major Support Level \u2013 $1,600 Major Resistance Level \u2013 $1,650<\/p>\n","protected":false},"author":67,"featured_media":550684,"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-550682","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>This Confluence Of Bearish Factors Shows Ethereum Could Decline Heavily<\/title>\n<meta name=\"description\" content=\"Ethereum price failed to settle above $1,650 and trimmed gains against the US Dollar. 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