{"id":10302,"date":"2024-09-30T03:28:49","date_gmt":"2024-09-30T03:28:49","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=10302"},"modified":"2024-09-30T03:28:49","modified_gmt":"2024-09-30T03:28:49","slug":"ethereum-price-trims-gains-is-the-rally-losing-steam","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=10302","title":{"rendered":"Ethereum Price Trims Gains: Is the Rally Losing Steam?"},"content":{"rendered":"

Ethereum price is correcting gains from the $2,720 resistance. ETH is now trading below $2,650 and might find bids near the $2,600 level.<\/em><\/p>\n

Ethereum started a downside correction from the $2,720 zone.
\nThe price is trading below $2,650 and the 100-hourly Simple Moving Average.
\nThere is a key bearish trend line forming with resistance at $2,650 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair must stay above the $2,600 support to start a fresh increase in the near term.<\/p>\n

Ethereum Price Dips Again<\/h2>\n

Ethereum price extended gains and traded above the $2,650 level. ETH even cleared the $2,700 level before the bears appeared. A high was formed at $2,728 and the price started a downside correction like Bitcoin<\/a>.<\/p>\n

There was a move below the $2,700 and $2,650 levels. The price traded below the 50% Fib retracement level of the upward move from the $2,554 swing low to the $2,728 high. Ethereum price is now trading below $2,650 and the 100-hourly Simple Moving Average<\/a>.<\/p>\n

However, the price could find bids near the $2,600 level or the 76.4% Fib retracement level of the upward move from the $2,554 swing low to the $2,728 high.<\/p>\n

On the upside, the price seems to be facing hurdles near the $2,650 level. There is also a key bearish trend line forming with resistance at $2,650 on the hourly chart of ETH\/USD. The first major resistance is near the $2,685 level. The next key resistance is near $2,720.<\/p>\n

<\/a><\/p>\n

An upside break above the $2,720 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,840 resistance zone in the near term. The next hurdle sits near the $2,880 level or $2,920.<\/p>\n

More Losses In ETH?<\/h2>\n

If Ethereum fails to clear the $2,650 resistance, it could continue to move down. Initial support on the downside is near the $2,600 level. The first major support sits near the $2,550 zone.<\/p>\n

A clear move below the $2,550 support might push the price toward $2,520. Any more losses might send the price toward the $2,450 support level in the near term. The next key support sits at $2,365.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is gaining momentum in the bearish zone.<\/p>\n

Hourly RSI \u2013 <\/strong>The RSI for ETH\/USD is now below the 50 zone.<\/p>\n

Major Support Level \u2013 $2,600<\/p>\n

Major Resistance Level \u2013 $2,650<\/p>","protected":false},"excerpt":{"rendered":"

Ethereum price is correcting gains from the $2,720 resistance. ETH is now trading below $2,650 and might find bids near the $2,600 level. Ethereum started a downside correction from the $2,720 zone. The price is trading below $2,650 and the 100-hourly Simple Moving Average. There is a key bearish trend line forming with resistance at […]<\/p>\n","protected":false},"author":0,"featured_media":10303,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-10302","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/10302"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10302"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/10302\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/10303"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10302"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10302"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10302"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}