{"id":1218,"date":"2024-08-27T04:18:12","date_gmt":"2024-08-27T04:18:12","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=1218"},"modified":"2024-08-27T04:18:12","modified_gmt":"2024-08-27T04:18:12","slug":"ethereum-price-pulls-back-can-it-rebound-and-remain-attractive","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=1218","title":{"rendered":"Ethereum Price Pulls Back: Can It Rebound and Remain Attractive?"},"content":{"rendered":"

Ethereum price is correcting gains from the $2,820 resistance. ETH could start another increase unless there is a close below the $2,645 support.<\/em><\/p>\n

Ethereum is correcting gains below the $2,780 and $2,750 levels.
\nThe price is trading below $2,720 and the 100-hourly Simple Moving Average.
\nThere was a break below a key bullish trend line with support at $2,740 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could find bids near the $2,650 and $2,645 levels.<\/p>\n

Ethereum Price Starts Downside Correction<\/h2>\n

Ethereum price extended its increase above the $2,750 resistance<\/a> level. ETH even climbed above $2,800 before the bears appeared. A high was formed at $2,820 and the price started a downside correction like Bitcoin<\/a>.<\/p>\n

There was a move below the $2,780 level. The price declined below the 50% Fib retracement level of the upward wave from the $2,535 swing low to the $2,820 high. Besides, there was a break below a key bullish trend line with support at $2,740 on the hourly chart of ETH\/USD.<\/p>\n

Ethereum price is now trading below $2,740 and the 100-hourly Simple Moving Average. However, the bulls are likely to remain active near the $2,645 support. It is close to the 61.8% Fib retracement level of the upward wave from the $2,535 swing low to the $2,820 high.<\/p>\n

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

If there is another increase, the price might face hurdles near the $2,720 level. The first major resistance is near the $2,740 level. A close above the $2,740 level might send Ether toward the $2,820 resistance. The next key resistance is near $2,880. An upside break above the $2,880 resistance might send the price higher toward the $3,000 resistance zone in the near term.<\/p>\n

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

If Ethereum fails to clear the $2,740 resistance, it could continue to move down. Initial support on the downside is near $2,645. The first major support sits near the $2,600 zone.<\/p>\n

A clear move below the $2,600 support might push the price toward $2,550 where the bulls could emerge. Any more losses might send the price toward the $2,500 support level in the near term. The next key support sits at $2,440.<\/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 $2,645<\/p>\n

Major Resistance Level \u2013 $2,740<\/p>","protected":false},"excerpt":{"rendered":"

Ethereum price is correcting gains from the $2,820 resistance. ETH could start another increase unless there is a close below the $2,645 support. Ethereum is correcting gains below the $2,780 and $2,750 levels. The price is trading below $2,720 and the 100-hourly Simple Moving Average. There was a break below a key bullish trend line […]<\/p>\n","protected":false},"author":0,"featured_media":1219,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-1218","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\/1218"}],"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=1218"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/1218\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/1219"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1218"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1218"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1218"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}