{"id":12194,"date":"2024-10-08T03:28:28","date_gmt":"2024-10-08T03:28:28","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=12194"},"modified":"2024-10-08T03:28:28","modified_gmt":"2024-10-08T03:28:28","slug":"ethereum-price-dips-again-is-this-a-buying-opportunity","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=12194","title":{"rendered":"Ethereum Price Dips Again: Is This a Buying Opportunity?"},"content":{"rendered":"

Ethereum price extended its increase above the $2,500 zone. ETH is now correcting gains and might find support near the $2,400 zone.<\/em><\/p>\n

Ethereum started a downside correction from the $2,520 zone.
\nThe price is trading below $2,450 and the 100-hourly Simple Moving Average.
\nThere was a break below a key bullish trend line with support at $2,450 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair must stay above the $2,400 support level to start another increase in the near term.<\/p>\n

Ethereum Price Corrects Gains<\/h2>\n

Ethereum price extended its upward move above the $2,400 level. ETH was able to clear the $2,450 resistance to move into a positive zone like Bitcoin<\/a>. The price was able to climb above the $2,500 resistance zone.<\/p>\n

However, the bears were active above $2,500. A high was formed at $2,519 and the price started a downside correction. There was a move below the $2,450 support level. The price dipped below the 23.6% Fib retracement level of the upward move from the $2,311 swing low to the $2,519 high.<\/p>\n

Besides, there was a break below a key bullish trend line with support at $2,450 on the hourly chart of ETH\/USD. Ethereum price is now trading below $2,450 and the 100-hourly Simple Moving Average<\/a>.<\/p>\n

However, the bulls are protecting the 50% Fib retracement level of the upward move from the $2,311 swing low to the $2,519 high. On the upside, the price seems to be facing hurdles near the $2,450 level. A clear move above the $2,450 resistance might send the price toward the $2,500 resistance.<\/p>\n

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

An upside break above the $2,500 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,580 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 $2,450 resistance, it could start another decline. Initial support on the downside is near the $2,420 level. The first major support sits near the $2,400 zone.<\/p>\n

A clear move below the $2,400 support might push the price toward $2,320. 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 bullish zone.<\/p>\n

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

Major Support Level \u2013 $2,400<\/p>\n

Major Resistance Level \u2013 $2,450<\/p>","protected":false},"excerpt":{"rendered":"

Ethereum price extended its increase above the $2,500 zone. ETH is now correcting gains and might find support near the $2,400 zone. Ethereum started a downside correction from the $2,520 zone. The price is trading below $2,450 and the 100-hourly Simple Moving Average. There was a break below a key bullish trend line with support […]<\/p>\n","protected":false},"author":0,"featured_media":12195,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-12194","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\/12194"}],"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=12194"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/12194\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/12195"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12194"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12194"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12194"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}