{"id":17611,"date":"2024-11-04T03:58:46","date_gmt":"2024-11-04T03:58:46","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=17611"},"modified":"2024-11-04T03:58:46","modified_gmt":"2024-11-04T03:58:46","slug":"ethereum-price-turns-red-is-this-a-temporary-dip","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=17611","title":{"rendered":"Ethereum Price Turns Red: Is This a Temporary Dip?"},"content":{"rendered":"

Ethereum price started a fresh decline below the $2,550 support. ETH is struggling and might recover if it clears the $2,500 resistance zone.<\/em><\/p>\n

Ethereum started a fresh decline from the $2,650 resistance zone.
\nThe price is trading below $2,500 and the 100-hourly Simple Moving Average.
\nThere was a break above a connecting bearish trend line with resistance at $2,450 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start a recovery wave if it surpasses the $2,500 and $2,550 resistance levels.<\/p>\n

Ethereum Price Takes Hit<\/h2>\n

Ethereum price struggled to stay above $2,550 and started a fresh decline like Bitcoin<\/a>. ETH declined below the $2,520 and $2,500 levels.<\/p>\n

It tested the $2,420 support zone. A low was formed at $2,411 and the price is now attempting to recover. There was a move above the $2,450 resistance zone. The price climbed above the 23.6% Fib retracement level of the downward move from the $2,582 swing high to the $2,411 low.<\/p>\n

Besides, there was a break above a connecting bearish trend line<\/a> with resistance at $2,450 on the hourly chart of ETH\/USD. Ethereum price is now trading below $2,500 and the 100-hourly Simple Moving Average.<\/p>\n

On the upside, the price seems to be facing hurdles near the $2,500 level and the 50% Fib retracement level of the downward move from the $2,582 swing high to the $2,411 low. The first major resistance is near the $2,520 level. The main resistance is now forming near $2,550.<\/p>\n

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

A clear move above the $2,550 resistance might send the price toward the $2,600 resistance. An upside break above the $2,600 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,650 resistance zone.<\/p>\n

Another Decline In ETH?<\/h2>\n

If Ethereum fails to clear the $2,500 resistance, it could start another decline. Initial support on the downside is near the $2,450 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 $2,350. Any more losses might send the price toward the $2,320 support level in the near term. The next key support sits at $2,250.<\/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 above the 50 zone.<\/p>\n

Major Support Level \u2013 $2,420<\/p>\n

Major Resistance Level \u2013 $2,500<\/p>","protected":false},"excerpt":{"rendered":"

Ethereum price started a fresh decline below the $2,550 support. ETH is struggling and might recover if it clears the $2,500 resistance zone. Ethereum started a fresh decline from the $2,650 resistance zone. The price is trading below $2,500 and the 100-hourly Simple Moving Average. There was a break above a connecting bearish trend line […]<\/p>\n","protected":false},"author":0,"featured_media":17612,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-17611","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\/17611"}],"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=17611"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/17611\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/17612"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17611"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17611"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17611"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}