{"id":193480,"date":"2023-09-11T05:39:23","date_gmt":"2023-09-11T05:39:23","guid":{"rendered":"https:\/\/tokenstalk.info\/?p=193480"},"modified":"2023-09-11T05:39:23","modified_gmt":"2023-09-11T05:39:23","slug":"this-confluence-of-bearish-factors-shows-ethereum-could-decline-heavily","status":"publish","type":"post","link":"https:\/\/tokenstalk.info\/crypto\/this-confluence-of-bearish-factors-shows-ethereum-could-decline-heavily\/","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 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.<\/p>\n<p>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.<\/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 decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/09\/Ethereum-6.png?resize=1024%2C468\"><\/p>\n<p>Source: ETHUSD on TradingView.com<\/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<p>Source: <a href=\"https:\/\/www.newsbtc.com\/analysis\/eth\/ethereum-could-decline-heavily-1600\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum price failed to settle above $1,650 and trimmed gains against the US Dollar. ETH&#8230;<\/p>\n","protected":false},"author":4,"featured_media":193479,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>This Confluence Of Bearish Factors Shows Ethereum Could Decline Heavily - Tokens Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tokenstalk.info\/crypto\/this-confluence-of-bearish-factors-shows-ethereum-could-decline-heavily\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"This Confluence Of Bearish Factors Shows Ethereum Could Decline Heavily - Tokens Talk\" \/>\n<meta property=\"og:description\" content=\"Ethereum price failed to settle above $1,650 and trimmed gains against the US Dollar. 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