{"id":11162,"date":"2024-10-03T03:28:59","date_gmt":"2024-10-03T03:28:59","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=11162"},"modified":"2024-10-03T03:28:59","modified_gmt":"2024-10-03T03:28:59","slug":"ethereum-price-grinds-lower-is-the-bullish-momentum-fading","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=11162","title":{"rendered":"Ethereum Price Grinds Lower: Is the Bullish Momentum Fading?"},"content":{"rendered":"

Ethereum price extended its decline below the $2,450 level. ETH is now consolidating and might struggle to recover above the $2,425 level.<\/em><\/p>\n

Ethereum declined further and traded below the $2,400 zone.
\nThe price is trading below $2,420 and the 100-hourly Simple Moving Average.
\nThere is a connecting bearish trend line forming with resistance at $2,425 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair must stay above the $2,350 support to start a fresh increase in the near term.<\/p>\n

Ethereum Price Holds Support<\/h2>\n

Ethereum price remained in a bearish zone and extended losses below the $2,550 level. ETH traded below the $2,450 support to enter a bearish zone like Bitcoin<\/a>. There was also a move below the $2,400 level.<\/p>\n

A low was formed near $2,352 and the price is now consolidating losses<\/a>. There was a minor increase above the $2,365 level. The price is still below the 23.6% Fib retracement level of the downward move from the $2,655 swing high to the $2,352 low.<\/p>\n

Ethereum price is now trading below $2,420 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,420 level. There is also a connecting bearish trend line forming with resistance at $2,425 on the hourly chart of ETH\/USD.<\/p>\n

The first major resistance is near the $2,500 level or the 50% Fib retracement level of the downward move from the $2,655 swing high to the $2,352 low. The next key resistance is near $2,535.<\/p>\n

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

An upside break above the $2,535 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,650 resistance zone in the near term. The next hurdle sits near the $2,680 level or $2,665.<\/p>\n

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

If Ethereum fails to clear the $2,420 resistance, it could continue to move down. Initial support on the downside is near the $2,350 level. The first major support sits near the $2,320 zone.<\/p>\n

A clear move below the $2,320 support might push the price toward $2,250. Any more losses might send the price toward the $2,150 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 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 $2,350<\/p>\n

Major Resistance Level \u2013 $2,420<\/p>","protected":false},"excerpt":{"rendered":"

Ethereum price extended its decline below the $2,450 level. ETH is now consolidating and might struggle to recover above the $2,425 level. Ethereum declined further and traded below the $2,400 zone. The price is trading below $2,420 and the 100-hourly Simple Moving Average. There is a connecting bearish trend line forming with resistance at $2,425 […]<\/p>\n","protected":false},"author":0,"featured_media":11163,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-11162","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\/11162"}],"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=11162"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/11162\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/11163"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11162"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11162"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11162"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}