{"id":180516,"date":"2023-08-25T05:39:05","date_gmt":"2023-08-25T05:39:05","guid":{"rendered":"https:\/\/precoinnews.com\/?p=180516"},"modified":"2023-08-25T05:39:05","modified_gmt":"2023-08-25T05:39:05","slug":"ethereum-whales-accumulate-can-price-start-recovery-now","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/ethereum-whales-accumulate-can-price-start-recovery-now\/","title":{"rendered":"Ethereum Whales Accumulate \u2013 Can Price Start Recovery Now?"},"content":{"rendered":"<p><em>Ethereum price is struggling to rise above $1,700 against the US Dollar. ETH whales seem to accumulate, and the $1,620 support could be the key.<\/em><\/p>\n<ul>\n<li>Ethereum is struggling to rise above the $1,680 and $1,700 levels.<\/li>\n<li>The price is trading below $1,670 and the 100-hourly Simple Moving Average.<\/li>\n<li>There is a connecting bearish trend line forming with resistance near $1,665 on the hourly chart of ETH\/USD (data feed via Kraken).<\/li>\n<li>The pair could start a decent increase above the $1,670 and $1,700 resistance levels.<\/li>\n<\/ul>\n<h2>Ethereum Price Holds Support<\/h2>\n<p>Ethereum\u2019s price started a short-term upside correction above the $1,650 level. ETH even climbed above the $1,670 level but the bears were active near the $1,700 zone, like Bitcoin.<\/p>\n<p>The price traded as high as $1,698 and is currently moving lower. There was a drop below the $1,670 level. The price even tested the 50% Fib retracement level of the upward move from the $1,580 swing low to the $1,698 high.<\/p>\n<p>Ether is now trading below $1,670 and the 100-hourly Simple Moving Average. There is also a connecting bearish trend line forming with resistance near $1,665 on the hourly chart of ETH\/USD.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/08\/Ethereum-11.png?resize=1024%2C468\"><\/p>\n<p>Source: ETHUSD on TradingView.com<\/p>\n<p>On the upside, the price might face resistance near the $1,670 level and the trend line zone. The next resistance is near the $1,700 zone. To start a decent recovery wave, the price must settle above the $1,700 zone. The next major resistance is near the $1,780 level, above which the price could rise toward the $1,820 level. Any more gains might send the price toward the $1,920 resistance.<\/p>\n<h2>More Losses 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 $1,620 zone or the 61.8% Fib retracement level of the upward move from the $1,580 swing low to the $1,698 high. The next key support is close to $1,600. If there is a downside break below $1,600, there could be more losses. The next major support is near the $1,520 support level. Any more losses might send the price toward the $1,440 level or even $1,320.<\/p>\n<p>Technical Indicators<\/p>\n<p>Hourly MACD<strong> \u2013 <\/strong>The MACD for ETH\/USD is losing momentum in the bullish zone.<\/p>\n<p>Hourly RSI<strong> &#8211; <\/strong>The RSI for ETH\/USD is now below the 50 level.<\/p>\n<p>Major Support Level \u2013 $1,620<\/p>\n<p>Major Resistance Level \u2013 $1,700<\/p>\n<p>Source: <a href=\"https:\/\/www.newsbtc.com\/analysis\/eth\/ethereum-whales-accumulate-1620\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum price is struggling to rise above<\/p>\n","protected":false},"author":3,"featured_media":180515,"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 Whales Accumulate \u2013 Can Price Start Recovery Now? 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