{"id":508927,"date":"2022-11-17T08:35:27","date_gmt":"2022-11-17T08:35:27","guid":{"rendered":"https:\/\/wncen.com\/?p=508927"},"modified":"2024-06-11T15:20:10","modified_gmt":"2024-06-11T15:20:10","slug":"ethereum-price-showing-early-signs-of-fresh-drop-but-this-support-is-key","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum-price-showing-early-signs-of-fresh-drop-but-this-support-is-key\/","title":{"rendered":"Ethereum Price Showing Early Signs of Fresh Drop, But This Support Is Key"},"content":{"rendered":"<p>[vc_row][vc_column][vc_column_text]<em>Ethereum failed to clear the $1,300 resistance zone against the US Dollar. ETH remains at a risk of more losses if there is a break below the $1,170 support zone.<\/em><\/p>\n<ul>\n<li>Ethereum is facing resistance near the $1,250 and $1,280 levels.<\/li>\n<li>The price is now trading below $1,240 and the 100 hourly simple moving average.<\/li>\n<li>There is a major bearish trend line forming with resistance near $1,245 on the hourly chart of ETH\/USD (data feed via Kraken).<\/li>\n<li>The pair could accelerate lower if there is a clear move below $1,180 and $1,170.<\/li>\n<\/ul>\n<h2>Ethereum Price Faces Hurdles<\/h2>\n<p>Ethereum attempted an upside break above the $1,300 resistance, similar to <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-resists-17k\/\" target=\"_blank\" rel=\"noopener \">bitcoin<\/a> at $17,000. ETH failed to gain pace for a clear move above the $1,300 resistance.<\/p>\n<p>A high was formed near $1,290 before the price started a fresh decline. There was a clear move below the $1,260 and $1,250 levels. Ether price even traded below the $1,220 level. A low is formed near $1,183 and the price is now consolidating losses.<\/p>\n<p>The price is now trading below $1,240 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 $1,290 swing high to $1,183 low.<\/p>\n<p>An immediate resistance on the upside is near the $1,240 level. There is also a <a href=\"https:\/\/wncen.com\/analysis\/eth\/ethereum-price-consolidates-1300\/\" target=\"_blank\" rel=\"noopener \">major bearish trend line<\/a> forming with resistance near $1,245 on the hourly chart of ETH\/USD. The trend line is near the 50% Fib retracement level of the recent decline from the $1,290 swing high to $1,183 low.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/11\/Ethereum-3.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-508929\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/11\/Ethereum-3.png?resize=1834%2C845\" alt=\"Ethereum Price\" width=\"1834\" height=\"845\"><\/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>The next major resistance is near the $1,265 level. A clear break above the $1,265 resistance could send the price towards the $1,300 resistance zone. To start a steady increase, the price must settle above $1,300. In the stated case, the price could rise towards the $1,400 level.<\/p>\n<h2>More Losses in ETH?<\/h2>\n<p>If ethereum fails to climb above the $1,245 resistance, it could continue to move down. An initial support on the downside is near the $1,185 level.<\/p>\n<p>The next major support is near the $1,170 level, below which ether price may perhaps start another major decline. In the stated scenario, the price could drop towards the $1,100 support zone in the near term.<\/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 $1,170<\/p>\n<p>Major Resistance Level \u2013 $1,265[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column][vc_column_text]Ethereum failed to clear the $1,300 resistance zone against the US Dollar. ETH remains at a risk of more losses if there is a break below the $1,170 support zone. Ethereum is facing resistance near the $1,250 and $1,280 levels. The price is now trading below $1,240 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $1,245 on the hourly chart of ETH\/USD (data feed via Kraken). The pair could accelerate lower if there is a clear move below $1,180 and $1,170. Ethereum Price Faces Hurdles Ethereum attempted an upside break above the $1,300 resistance, similar to bitcoin at $17,000. ETH failed to gain pace for a clear move above the $1,300 resistance. A high was formed near $1,290 before the price started a fresh decline. There was a clear move below the $1,260 and $1,250 levels. Ether price even traded below the $1,220 level. A low is formed near $1,183 and the price is now consolidating losses. The price is now trading below $1,240 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 $1,290 swing high to $1,183 low. An immediate resistance on the upside is near the $1,240 level. There is also a major bearish trend line forming with resistance near $1,245 on the hourly chart of ETH\/USD. The trend line is near the 50% Fib retracement level of the recent decline from the $1,290 swing high to $1,183 low. Source: ETHUSD on TradingView.com The next major resistance is near the $1,265 level. A clear break above the $1,265 resistance could send the price towards the $1,300 resistance zone. To start a steady increase, the price must settle above $1,300. In the stated case, the price could rise towards the $1,400 level. More Losses in ETH? If ethereum fails to climb above the $1,245 resistance, it could continue to move down. An initial support on the downside is near the $1,185 level. The next major support is near the $1,170 level, below which ether price may perhaps start another major decline. In the stated scenario, the price could drop towards the $1,100 support zone in the near term. 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 $1,170 Major Resistance Level \u2013 $1,265[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n","protected":false},"author":67,"featured_media":508928,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[],"class_list":["post-508927","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"acf":[],"yoast_head":"\n<title>Ethereum Price Showing Early Signs of Fresh Drop, But This Support Is Key<\/title>\n<meta name=\"description\" content=\"Ethereum failed to clear the $1,300 resistance zone against the US Dollar. 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