{"id":10577,"date":"2024-10-01T03:28:24","date_gmt":"2024-10-01T03:28:24","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=10577"},"modified":"2024-10-01T03:28:24","modified_gmt":"2024-10-01T03:28:24","slug":"ethereum-price-battles-to-hold-strength-will-bulls-prevail","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=10577","title":{"rendered":"Ethereum Price Battles to Hold Strength: Will Bulls Prevail?"},"content":{"rendered":"

Ethereum price is correcting gains below the $2,650 resistance. ETH is now trading near the $2,600 support and might face many hurdles.<\/em><\/p>\n

Ethereum started a downside correction below the $2,650 zone.
\nThe price is trading below $2,620 and the 100-hourly Simple Moving Average.
\nThere is a key bearish trend line forming with resistance at $2,630 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair must stay above the $2,550 support to start a fresh increase in the near term.<\/p>\n

Ethereum Price Takes Hit<\/h2>\n

Ethereum price struggled to stay above the $2,700 level. ETH started a downside correction below the $2,650 support level like Bitcoin<\/a>. There was also a move below the $2,600 level.<\/p>\n

A low was formed near $2,575 and the price is now consolidating losses. There was a minor increase above the $2,600 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $2,672 swing high to the $2,575 low.<\/p>\n

Ethereum price is now trading below $2,640 and the 100-hourly Simple Moving Average<\/a>. On the upside, the price seems to be facing hurdles near the $2,625 level. There is also a key bearish trend line forming with resistance at $2,630 on the hourly chart of ETH\/USD.<\/p>\n

The trend line is close to the 50% Fib retracement level of the downward move from the $2,672 swing high to the $2,575 low. The first major resistance is near the $2,650 level. The next key resistance is near $2,665.<\/p>\n

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

An upside break above the $2,665 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,700 resistance zone in the near term. The next hurdle sits near the $2,720 level or $2,800.<\/p>\n

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

If Ethereum fails to clear the $2,630 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 $2,500. Any more losses might send the price toward the $2,450 support level in the near term. The next key support sits at $2,320.<\/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 \u2013 <\/strong>The RSI for ETH\/USD is now below the 50 zone.<\/p>\n

Major Support Level \u2013 $2,575<\/p>\n

Major Resistance Level \u2013 $2,630<\/p>","protected":false},"excerpt":{"rendered":"

Ethereum price is correcting gains below the $2,650 resistance. ETH is now trading near the $2,600 support and might face many hurdles. Ethereum started a downside correction below the $2,650 zone. The price is trading below $2,620 and the 100-hourly Simple Moving Average. There is a key bearish trend line forming with resistance at $2,630 […]<\/p>\n","protected":false},"author":0,"featured_media":10578,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-10577","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\/10577"}],"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=10577"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/10577\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/10578"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10577"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10577"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10577"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}