{"id":6886,"date":"2024-09-16T03:48:01","date_gmt":"2024-09-16T03:48:01","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=6886"},"modified":"2024-09-16T03:48:01","modified_gmt":"2024-09-16T03:48:01","slug":"ethereum-price-nosedives-over-5-pressure-mounts-on-bulls","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=6886","title":{"rendered":"Ethereum Price Nosedives Over 5%, Pressure Mounts on Bulls"},"content":{"rendered":"

Ethereum price is down over 5% and trading below $2,350l. ETH is signaling an increase in selling pressure and might drop to $2,120.<\/em><\/p>\n

Ethereum started another decline after it failed to clear $2,450.
\nThe price is trading below $2,320 and the 100-hourly Simple Moving Average.
\nThere was a break below a key bullish trend line with support at $2,400 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair must clear the $2,320 resistance to start a recovery wave in the near term.<\/p>\n

Ethereum Price Dips Again<\/h2>\n

Ethereum price failed to clear the $2,450 resistance and started another decline like Bitcoin<\/a>. ETH declined more than BTC and broke key supports at $2,400.<\/p>\n

There was a break below a key bullish trend line with support at $2,400 on the hourly chart of ETH\/USD. The pair is down over 5% and there was a move below the $2,320 support zone. A low is formed at $2,253 and the price is now consolidating losses.<\/p>\n

Ethereum price is now trading below $2,320 and the 100-hourly Simple Moving Average<\/a>. On the upside, the price seems to be facing hurdles near the $2,300 level or the 23.6% Fib retracement level of the downward move from the $2,465 swing high to the $2,253 low.<\/p>\n

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

The first major resistance is near the $2,320 level. A close above the $2,320 level might send Ether toward the $2,360 resistance. The next key resistance is near $2,385 or the 61.8% Fib retracement level of the downward move from the $2,465 swing high to the $2,253 low. An upside break above the $2,385 resistance might call for more gains toward the $2,450 resistance zone in the near term.<\/p>\n

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

If Ethereum fails to clear the $2,320 resistance, it could start another decline in the near term. Initial support on the downside is near $2,250. The first major support sits near the $2,200 zone.<\/p>\n

A clear move below the $2,200 support might push the price toward $2,150. Any more losses might send the price toward the $2,120 support level in the near term. The next key support sits at $2,050.<\/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 $2,250<\/p>\n

Major Resistance Level \u2013 $2,320<\/p>","protected":false},"excerpt":{"rendered":"

Ethereum price is down over 5% and trading below $2,350l. ETH is signaling an increase in selling pressure and might drop to $2,120. Ethereum started another decline after it failed to clear $2,450. The price is trading below $2,320 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":6887,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-6886","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\/6886"}],"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=6886"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/6886\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/6887"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6886"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6886"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6886"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}