{"id":180351,"date":"2023-08-21T05:39:59","date_gmt":"2023-08-21T05:39:59","guid":{"rendered":"https:\/\/precoinnews.com\/?p=180351"},"modified":"2023-08-21T05:39:59","modified_gmt":"2023-08-21T05:39:59","slug":"ethereum-price-saw-key-technical-correction-but-100-sma-is-still-strong","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/ethereum-price-saw-key-technical-correction-but-100-sma-is-still-strong\/","title":{"rendered":"Ethereum Price Saw Key Technical Correction, But 100 SMA Is Still Strong"},"content":{"rendered":"<p><em>Ethereum price is attempting a recovery wave above the $1,620 level against the US Dollar. ETH could start a fresh decline if it stays below the 100 hourly SMA.<\/em><\/p>\n<ul>\n<li>Ethereum is struggling to recover above the $1,690 and $1,700 levels.<\/li>\n<li>The price is trading below $1,700 and the 100-hourly Simple Moving Average.<\/li>\n<li>There was a break above a connecting bearish trend line with resistance near $1,670 on the hourly chart of ETH\/USD (data feed via Kraken).<\/li>\n<li>The pair could resume its decline if it stays below the $1,700 level in the near term.<\/li>\n<\/ul>\n<h2>Ethereum Price Faces Hurdles<\/h2>\n<p>Ethereum\u2019s price declined heavily below the $1,700 level. ETH tested the $1,520 zone and recently started a decent recovery wave, similar to Bitcoin.<\/p>\n<p>There was a move above the $1,550 and $1,600 levels. The price climbed above the 50% Fib retracement level of the downward move from the $1,825 swing high to the $1,518 low. Besides, there was a break above a connecting bearish trend line with resistance near $1,670 on the hourly chart of ETH\/USD.<\/p>\n<p>However, the bears are still active below the $1,680 level. Ether is also trading below $1,700 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1,690 level. The next resistance is near $1,700 or the 100-hourly Simple Moving Average.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/08\/Ethereum-7.png?resize=1024%2C468\"><\/p>\n<p>Source: ETHUSD on TradingView.com<\/p>\n<p>The 61.8% Fib retracement level of the downward move from the $1,825 swing high to the $1,518 low is also near the $1,700 zone. A close above the $1,700 level could start a decent increase in the near term. The next major resistance is near the $1,750 level. Any more gains might send the price toward the $1,820 resistance, above which the price could rise toward the $1,880 zone.<\/p>\n<h2>Fresh Decline in ETH?<\/h2>\n<p>If Ethereum fails to clear the $1,700 resistance, it could continue to move down. Initial support on the downside is near the $1,640 level.<\/p>\n<p>The first major support is near the $1,600 zone. If the bulls fail to protect the $1,600 support, there could be more losses. The next major support is near the $1,550 support level. Any more losses might send the price toward the $1,520 level in the near term.<\/p>\n<p>Technical Indicators<\/p>\n<p>Hourly MACD<strong> \u2013 <\/strong>The MACD for ETH\/USD is losing momentum in the bearish zone.<\/p>\n<p>Hourly RSI<strong> &#8211; <\/strong>The RSI for ETH\/USD is now near the 50 level.<\/p>\n<p>Major Support Level \u2013 $1,600<\/p>\n<p>Major Resistance Level \u2013 $1,700<\/p>\n<p>Source: <a href=\"https:\/\/www.newsbtc.com\/analysis\/eth\/ethereum-price-correction-1600\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum price is attempting a recovery wave<\/p>\n","protected":false},"author":3,"featured_media":180350,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ethereum Price Saw Key Technical Correction, But 100 SMA Is Still Strong - 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