{"id":17879,"date":"2024-11-05T03:28:38","date_gmt":"2024-11-05T03:28:38","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=17879"},"modified":"2024-11-05T03:28:38","modified_gmt":"2024-11-05T03:28:38","slug":"ethereum-price-grinds-lower-will-support-kick-in-soon","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=17879","title":{"rendered":"Ethereum Price Grinds Lower: Will Support Kick In Soon?"},"content":{"rendered":"

Ethereum price extended losses and traded below the $2,500 support. ETH is consolidating and might struggle to recover above the $2,500 resistance.<\/em><\/p>\n

Ethereum started a fresh decline from the $2,550 resistance zone.
\nThe price is trading below $2,480 and the 100-hourly Simple Moving Average.
\nThere is a new connecting bearish trend line forming with resistance at $2,445 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start a recovery wave if it surpasses the $2,445 and $2,500 resistance levels.<\/p>\n

Ethereum Price Extends Losses<\/h2>\n

Ethereum price struggled to stay above $2,500 and started a fresh decline like Bitcoin<\/a>. ETH declined below the $2,450 and $2,420 levels.<\/p>\n

It tested the $2,350 support zone. A low was formed at $2,357 and the price is now attempting to recover. There was a move above the $2,385 resistance zone. The price tested the 23.6% Fib retracement level of the downward move from the $2,583 swing high to the $2,357 low.<\/p>\n

Ethereum price is now trading below $2,500 and the 100-hourly Simple Moving Average<\/a>. There is also a new connecting bearish trend line forming with resistance at $2,445 on the hourly chart of ETH\/USD.<\/p>\n

On the upside, the price seems to be facing hurdles near the $2,445 level and the trend line. The first major resistance is near the $2,470 level or the 50% Fib retracement level of the downward move from the $2,583 swing high to the $2,357 low.<\/p>\n

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

The main resistance is now forming near $2,500. A clear move above the $2,500 resistance might send the price toward the $2,550 resistance. 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.<\/p>\n

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

If Ethereum fails to clear the $2,445 resistance, it could start another decline. Initial support on the downside is near the $2,380 level. The first major support sits near the $2,350 zone.<\/p>\n

A clear move below the $2,350 support might push the price toward $2,285. Any more losses might send the price toward the $2,220 support level in the near term. The next key support sits at $2,150.<\/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 $2,360<\/p>\n

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

Ethereum price extended losses and traded below the $2,500 support. ETH is consolidating and might struggle to recover above the $2,500 resistance. Ethereum started a fresh decline from the $2,550 resistance zone. The price is trading below $2,480 and the 100-hourly Simple Moving Average. There is a new connecting bearish trend line forming with resistance […]<\/p>\n","protected":false},"author":0,"featured_media":17880,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-17879","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\/17879"}],"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=17879"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/17879\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/17880"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17879"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17879"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17879"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}