{"id":180771,"date":"2023-08-30T05:39:49","date_gmt":"2023-08-30T05:39:49","guid":{"rendered":"https:\/\/precoinnews.com\/?p=180771"},"modified":"2023-08-30T05:39:49","modified_gmt":"2023-08-30T05:39:49","slug":"ethereum-rally-loses-steam-why-eth-could-revisit-resistance-turned-support","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/ethereum-rally-loses-steam-why-eth-could-revisit-resistance-turned-support\/","title":{"rendered":"Ethereum Rally Loses Steam, Why ETH Could Revisit Resistance Turned Support"},"content":{"rendered":"<p><em>Ethereum price rallied above the $1,700 resistance against the US Dollar. ETH struggled near $1,750 and is currently correcting gains.<\/em><\/p>\n<ul>\n<li>Ethereum gained momentum above the $1,660 and $1,670 levels.<\/li>\n<li>The price is trading above $1,700 and the 100-hourly Simple Moving Average.<\/li>\n<li>There was a break above a key bearish trend line with resistance near $1,650 on the hourly chart of ETH\/USD (data feed via Kraken).<\/li>\n<li>The pair is now correcting gains from the $1,750 resistance.<\/li>\n<\/ul>\n<h2>Ethereum Price Rally Stalls<\/h2>\n<p>Ethereum\u2019s price was able to start a decent increase from the $1,620 zone. ETH formed a base and started a steady increase above the $1,650 resistance, like Bitcoin.<\/p>\n<p>There was a break above a key bearish trend line with resistance near $1,650 on the hourly chart of ETH\/USD. The pair climbed higher above the $1,670 and $1,700 resistance levels. However, the bears were active near the $1,750 zone.<\/p>\n<p>A high is formed near $1,747 and the price is now correcting gains. There was a move below the $1,720 level. The price declined below the 23.6% Fib retracement level of the upward move from the $1,639 swing low to the $1,747 high.<\/p>\n<p>Ether is now trading above $1,700 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1,725 level. The next resistance is near the $1,750 level.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/08\/Ethereum-14.png?resize=1024%2C468\"><\/p>\n<p>A close above the $1,750 level might send the price toward the $1,850 zone. If there is a clear move above $1,850, Ethereum could rise toward the $1,920 resistance. Any more gains might send the price toward the $2,000 resistance.<\/p>\n<h2>Are Dips Supported in ETH?<\/h2>\n<p>If Ethereum fails to clear the $1,750 resistance, it could continue to move down. Initial support on the downside is near the $1,700 level. The first key support is close to $1,680 or the 61.8% Fib retracement level of the upward move from the $1,639 swing low to the $1,747 high.<\/p>\n<p>The next major support is near the $1,660 level. If there is a downside break below $1,660, the price could accelerate lower toward the $1,620 level. Any more losses might send the price toward the $1,540 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 bullish zone.<\/p>\n<p>Hourly RSI<strong> &#8211; <\/strong>The RSI for ETH\/USD is now above the 50 level.<\/p>\n<p>Major Support Level \u2013 $1,680<\/p>\n<p>Major Resistance Level \u2013 $1,750<\/p>\n<p>Source: <a href=\"https:\/\/www.newsbtc.com\/analysis\/eth\/ethereum-rally-loses-steam-1750\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum price rallied above the $1,700 resistance<\/p>\n","protected":false},"author":3,"featured_media":180770,"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 Rally Loses Steam, Why ETH Could Revisit Resistance Turned Support - 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