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{"id":548156,"date":"2023-08-21T04:29:58","date_gmt":"2023-08-21T04:29:58","guid":{"rendered":"https:\/\/uniquehot.com\/?p=548156"},"modified":"2024-06-11T14:39:43","modified_gmt":"2024-06-11T14:39:43","slug":"ethereum-price-correction-1600","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/ethereum\/ethereum-price-correction-1600\/","title":{"rendered":"Ethereum Price Saw Key Technical Correction, But 100 SMA Is Still Strong"},"content":{"rendered":"

Ethereum price is attempting a recovery wave above the $1,620 level against the US Dollar. ETH could start a fresh decline if it stays below the 100 hourly SMA.<\/em><\/p>\n

\n
Ethereum is struggling to recover above the $1,690 and $1,700 levels.<\/li>\n
The price is trading below $1,700 and the 100-hourly Simple Moving Average.<\/li>\n
There was a break above a connecting bearish trend line with resistance near $1,670 on the hourly chart of ETH\/USD (data feed via Kraken).<\/li>\n
The pair could resume its decline if it stays below the $1,700 level in the near term.<\/li>\n<\/ul>\n
Ethereum Price Faces Hurdles<\/h2>\n
Ethereum\u2019s price declined heavily below the $1,700 level<\/a>. ETH tested the $1,520 zone and recently started a decent recovery wave, similar to Bitcoin<\/a>.<\/p>\n
There was a move above the $1,550 and $1,600 levels. The price climbed above the 50% Fib retracement level of the downward move from the $1,825 swing high to the $1,518 low. Besides, there was a break above a connecting bearish trend line with resistance near $1,670 on the hourly chart of ETH\/USD.<\/p>\n
However, the bears are still active below the $1,680 level. Ether is also trading below $1,700 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1,690 level. The next resistance is near $1,700 or the 100-hourly Simple Moving Average.<\/p>\n
$\"Ethereum$ <\/p>\n
Source: ETHUSD on TradingView.com<\/a><\/p>\n
The 61.8% Fib retracement level of the downward move from the $1,825 swing high to the $1,518 low is also near the $1,700 zone. A close above the $1,700 level could start a decent increase in the near term. The next major resistance is near the $1,750 level. Any more gains might send the price toward the $1,820 resistance, above which the price could rise toward the $1,880 zone.<\/p>\n
Fresh Decline in ETH?<\/h2>\n
If Ethereum fails to clear the $1,700 resistance, it could continue to move down. Initial support on the downside is near the $1,640 level.<\/p>\n
The first major support is near the $1,600 zone. If the bulls fail to protect the $1,600 support, there could be more losses. The next major support is near the $1,550 support level. Any more losses might send the price toward the $1,520 level in the near term.<\/p>\n
Technical Indicators<\/p>\n
Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is losing momentum in the bearish zone.<\/p>\n
Hourly RSI – <\/strong>The RSI for ETH\/USD is now near the 50 level.<\/p>\n
Major Support Level \u2013 $1,600<\/p>\n
Major Resistance Level \u2013 $1,700<\/p>\n","protected":false},"excerpt":{"rendered":"
Ethereum price is attempting a recovery wave above the $1,620 level against the US Dollar. ETH could start a fresh decline if it stays below the 100 hourly SMA. Ethereum is struggling to recover above the $1,690 and $1,700 levels. The price is trading below $1,700 and the 100-hourly Simple Moving Average. There was a break above a connecting bearish trend line with resistance near $1,670 on the hourly chart of ETH\/USD (data feed via Kraken). The pair could resume its decline if it stays below the $1,700 level in the near term. Ethereum Price Faces Hurdles Ethereum\u2019s price declined heavily below the $1,700 level. ETH tested the $1,520 zone and recently started a decent recovery wave, similar to Bitcoin. There was a move above the $1,550 and $1,600 levels. The price climbed above the 50% Fib retracement level of the downward move from the $1,825 swing high to the $1,518 low. Besides, there was a break above a connecting bearish trend line with resistance near $1,670 on the hourly chart of ETH\/USD. However, the bears are still active below the $1,680 level. Ether is also trading below $1,700 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1,690 level. The next resistance is near $1,700 or the 100-hourly Simple Moving Average. Source: ETHUSD on TradingView.com The 61.8% Fib retracement level of the downward move from the $1,825 swing high to the $1,518 low is also near the $1,700 zone. A close above the $1,700 level could start a decent increase in the near term. The next major resistance is near the $1,750 level. Any more gains might send the price toward the $1,820 resistance, above which the price could rise toward the $1,880 zone. Fresh Decline in ETH? If Ethereum fails to clear the $1,700 resistance, it could continue to move down. Initial support on the downside is near the $1,640 level. The first major support is near the $1,600 zone. If the bulls fail to protect the $1,600 support, there could be more losses. The next major support is near the $1,550 support level. Any more losses might send the price toward the $1,520 level in the near term. Technical Indicators Hourly MACD \u2013 The MACD for ETH\/USD is losing momentum in the bearish zone. Hourly RSI – The RSI for ETH\/USD is now near the 50 level. Major Support Level \u2013 $1,600 Major Resistance Level \u2013 $1,700<\/p>\n","protected":false},"author":67,"featured_media":529299,"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-548156","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-eth","tag-ethereum","tag-ethusd","tag-ethusdt"],"acf":[],"yoast_head":"\nEthereum Price Saw Key Technical Correction, But 100 SMA Is Still Strong<\/title>\n<meta name=\"description\" content=\"Ethereum price is attempting a recovery wave above the $1,620 level against the US Dollar. 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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:\/\/uniquehot.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:\/\/uniquehot.com\/news\/ethereum\/ethereum-price-correction-1600\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/ethereum\/ethereum-price-correction-1600\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/iStock-1389493567.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/iStock-1389493567.jpg?fit=1254%2C836"},"articleSection":"Ethereum","author":[{"@type":"Person","name":"Aayush Jindal"}],"creator":["Aayush Jindal"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["eth","ethereum","ethusd","ethusdt"],"dateCreated":"2023-08-21T04:29:58Z","datePublished":"2023-08-21T04:29:58Z","dateModified":"2024-06-11T14:39:43Z"},"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:\\\/\\\/uniquehot.com\\\/news\\\/ethereum\\\/ethereum-price-correction-1600\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/ethereum\\\/ethereum-price-correction-1600\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/05\\\/iStock-1389493567.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/05\\\/iStock-1389493567.jpg?fit=1254%2C836\"},\"articleSection\":\"Ethereum\",\"author\":[{\"@type\":\"Person\",\"name\":\"Aayush Jindal\"}],\"creator\":[\"Aayush Jindal\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"eth\",\"ethereum\",\"ethusd\",\"ethusdt\"],\"dateCreated\":\"2023-08-21T04:29:58Z\",\"datePublished\":\"2023-08-21T04:29:58Z\",\"dateModified\":\"2024-06-11T14:39:43Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/iStock-1389493567.jpg?fit=1254%2C836","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/548156","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=548156"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/548156\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/529299"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=548156"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=548156"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=548156"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}