{"id":437175,"date":"2020-09-03T07:58:17","date_gmt":"2020-09-03T07:58:17","guid":{"rendered":"https:\/\/uniquehot.com\/?p=437175"},"modified":"2024-06-11T14:15:55","modified_gmt":"2024-06-11T14:15:55","slug":"ethereum-nosedives-10","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/ethereum-nosedives-10\/","title":{"rendered":"Ethereum Nosedives 10%, But This Support Could Trigger Fresh Increase"},"content":{"rendered":"
Ethereum started a sharp decline after it failed to stay above the $450 support against the US Dollar. ETH price is likely to bounce back as long as it is above the $406 support zone.<\/em><\/p>\n After trading close to the $500 handle, Ethereum started a downside correction<\/a> against the US Dollar. ETH price broke the $460 support zone to move into a short-term bearish zone.<\/p>\n However, the bulls lost control and ether price declined sharply below the $450 support level. The price is down over 10% and it even broke the $435 support. It traded close to the $420 support and settled below the 100 hourly simple moving average<\/a>.<\/p>\n A low is formed near $422 and the price is currently attempting an upside correction. There was break above the $435 level, plush ether recovered above the 23.6% Fib retracement level of the recent decline from the $490 swing high to $422 low.<\/p>\n <\/a><\/p>\n The bulls are currently struggling to gain pace above $435 and $440. There is also a key bearish trend line forming with resistance near $438 on the hourly chart of ETH\/USD.<\/p>\n The next key resistance is near the $455 level since it is close to the 50% Fib retracement level of the recent decline from the $490 swing high to $422 low. On the downside, the price is likely to remain well bid near the $420 level. The next major support is near the $406 level, below which Ethereum could move into a bearish zone.<\/p>\n If Ethereum stays above the $420 support zone, it could start a fresh increase above $438 and $440. A successful break above $440 might increase chances of a push above $450.<\/p>\n In the mentioned case, the bulls need to gain strength above the $455 resistance. If they succeed, the price is likely to rise steadily towards $480 and $485.<\/p>\n Technical Indicators<\/p>\n Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is slowly moving back into the bearish zone.<\/p>\n Hourly RSI – <\/strong>The RSI for ETH\/USD is now well below the 50 level.<\/p>\n Major Support Level \u2013 $420<\/p>\n Major Resistance Level \u2013 $440<\/p>\n","protected":false},"excerpt":{"rendered":" Ethereum started a sharp decline after it failed to stay above the $450 support against the US Dollar. ETH price is likely to bounce back as long as it is above the $406 support zone. Ethereum is down over 10% and it broke the $460 and $450 support levels. The price even traded close to the $420 support and settled below the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $438 on the hourly chart of ETH\/USD (data feed via Kraken). The pair is likely to resume its upward move as long as it is above $420 or $406 in the near term. Ethereum Price Testing Key Support After trading close to the $500 handle, Ethereum started a downside correction against the US Dollar. ETH price broke the $460 support zone to move into a short-term bearish zone. However, the bulls lost control and ether price declined sharply below the $450 support level. The price is down over 10% and it even broke the $435 support. It traded close to the $420 support and settled below the 100 hourly simple moving average. A low is formed near $422 and the price is currently attempting an upside correction. There was break above the $435 level, plush ether recovered above the 23.6% Fib retracement level of the recent decline from the $490 swing high to $422 low. Ethereum price trades below $440. Source: TradingView.com The bulls are currently struggling to gain pace above $435 and $440. There is also a key bearish trend line forming with resistance near $438 on the hourly chart of ETH\/USD. The next key resistance is near the $455 level since it is close to the 50% Fib retracement level of the recent decline from the $490 swing high to $422 low. On the downside, the price is likely to remain well bid near the $420 level. The next major support is near the $406 level, below which Ethereum could move into a bearish zone. Fresh Increase in ETH If Ethereum stays above the $420 support zone, it could start a fresh increase above $438 and $440. A successful break above $440 might increase chances of a push above $450. In the mentioned case, the bulls need to gain strength above the $455 resistance. If they succeed, the price is likely to rise steadily towards $480 and $485. Technical Indicators Hourly MACD \u2013 The MACD for ETH\/USD is slowly moving back into the bearish zone. Hourly RSI – The RSI for ETH\/USD is now well below the 50 level. Major Support Level \u2013 $420 Major Resistance Level \u2013 $440<\/p>\n","protected":false},"author":67,"featured_media":437180,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,13625,4],"tags":[1946,8686,78803],"class_list":["post-437175","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-ethereum","category-analysis","tag-ethereum","tag-ethusd","tag-ethusdt"],"acf":[],"yoast_head":"\n\n
Ethereum Price Testing Key Support<\/h2>\n
Ethereum price trades below $440. Source: TradingView.com<\/a><\/pre>\n
Fresh Increase in ETH<\/h2>\n