{"id":10866,"date":"2024-10-02T03:28:28","date_gmt":"2024-10-02T03:28:28","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=10866"},"modified":"2024-10-02T03:28:28","modified_gmt":"2024-10-02T03:28:28","slug":"ethereum-price-extends-losses-is-the-downtrend-set-to-continue","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=10866","title":{"rendered":"Ethereum Price Extends Losses: Is The Downtrend Set to Continue?"},"content":{"rendered":"

Ethereum price is gaining pace below the $2,550 resistance. ETH is now trading above $2,500, but it might struggle to recover above $2,550.<\/em><\/p>\n

Ethereum started a downside correction below the $2,550 zone.
\nThe price is trading below $2,520 and the 100-hourly Simple Moving Average.
\nThere is a short-term consolidation pattern forming with resistance at $2,500 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair must stay above the $2,420 support to start a fresh increase in the near term.<\/p>\n

Ethereum Price Dives 5%<\/h2>\n

Ethereum price remained in a bearish zone and extended losses below the $2,600 level. ETH traded below the $2,550 support to enter a bearish zone like Bitcoin<\/a>. There was also a move below the $2,500 level.<\/p>\n

A low was formed near $2,413 and the price is now consolidating losses<\/a>. There was a minor increase above the $2,450 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $2,655 swing high to the $2,413 low.<\/p>\n

Ethereum price is now trading below $2,520 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,520 level. There is also a short-term consolidation pattern forming with resistance at $2,500 on the hourly chart of ETH\/USD.<\/p>\n

The first major resistance is near the $2,535 level or the 50% Fib retracement level of the downward move from the $2,655 swing high to the $2,413 low. The next key resistance is near $2,550.<\/p>\n

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

An upside break above the $2,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,620 resistance zone in the near term. The next hurdle sits near the $2,650 level or $2,665.<\/p>\n

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

If Ethereum fails to clear the $2,520 resistance, it could continue to move down. Initial support on the downside is near the $2,440 level. The first major support sits near the $2,420 zone.<\/p>\n

A clear move below the $2,420 support might push the price toward $2,350. Any more losses might send the price toward the $2,250 support level in the near term. The next key support sits at $2,120.<\/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 $2,420<\/p>\n

Major Resistance Level \u2013 $2,550<\/p>","protected":false},"excerpt":{"rendered":"

Ethereum price is gaining pace below the $2,550 resistance. ETH is now trading above $2,500, but it might struggle to recover above $2,550. Ethereum started a downside correction below the $2,550 zone. The price is trading below $2,520 and the 100-hourly Simple Moving Average. There is a short-term consolidation pattern forming with resistance at $2,500 […]<\/p>\n","protected":false},"author":0,"featured_media":10867,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-10866","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\/10866"}],"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=10866"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/10866\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/10867"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10866"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10866"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10866"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}