{"id":181692,"date":"2023-09-22T05:39:24","date_gmt":"2023-09-22T05:39:24","guid":{"rendered":"https:\/\/precoinnews.com\/?p=181692"},"modified":"2023-09-22T05:39:24","modified_gmt":"2023-09-22T05:39:24","slug":"ethereum-price-plunges-after-rejection-are-bears-back-in-action","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/ethereum-price-plunges-after-rejection-are-bears-back-in-action\/","title":{"rendered":"Ethereum Price Plunges After Rejection, Are Bears Back In Action?"},"content":{"rendered":"<p><em>Ethereum price gained bearish momentum below $1,620 against the US Dollar. ETH is showing bearish signs and might decline further toward $1,540.<\/em><\/p>\n<ul>\n<li>Ethereum declined further below the $1,600 support zone.<\/li>\n<li>The price is trading below $1,620 and the 100-hourly Simple Moving Average.<\/li>\n<li>There are two bearish trend lines forming with resistance near $1,600 and $1,620 on the hourly chart of ETH\/USD (data feed via Kraken).<\/li>\n<li>The pair could continue to move down and test the $1,540 support in the short term.<\/li>\n<\/ul>\n<h2>Ethereum Price Takes Hit<\/h2>\n<p>Ethereum\u2019s price started a fresh decline from the $1,660 and $1,670 resistance levels. ETH declined below the $1,620 support level to enter a bearish zone and underperformed Bitcoin.<\/p>\n<p>The bears even pushed the price below the $1,600 support and the 100-hourly Simple Moving Average. A low is formed near $1,568 and the price is now attempting a recovery wave. There was a move above the $1,580 level. The price is testing the 23.6% Fib retracement level of the recent decline from the $1,660 swing high to the $1,568 low.<\/p>\n<p>Ether is now trading below $1,620 and the 100-hourly Simple Moving Average. There are also two bearish trend lines forming with resistance near $1,600 and $1,620 on the hourly chart of ETH\/USD.<\/p>\n<p>On the upside, the price might face resistance near the $1,600 level and the first trend line. The next resistance is near the $1,610 level, the second trend line, and the 100-hourly Simple Moving Average. The trend line is also near the 50% Fib retracement level of the recent decline from the $1,660 swing high to the $1,568 low.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/09\/Ethereum-15.png?resize=1024%2C468\"><\/p>\n<p>Source: ETHUSD on TradingView.com<\/p>\n<p>A close above the $1,620 resistance might send the price toward the $1,650 resistance. The next major barrier is near the $1,660 level. A close above the $1,660 level might send Ethereum further higher toward $1,750.<\/p>\n<h2>More Losses in ETH?<\/h2>\n<p>If Ethereum fails to clear the $1,620 resistance, it could start another decline. Initial support on the downside is near the $1,565 level.<\/p>\n<p>The next key support is $1,540. A downside break below $1,540 might accelerate losses. In the stated case, there could be a drop toward the $1,440 level in the coming days.<\/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 below the 50 level.<\/p>\n<p>Major Support Level \u2013 $1,540<\/p>\n<p>Major Resistance Level \u2013 $1,620<\/p>\n<p>Source: <a href=\"https:\/\/www.newsbtc.com\/analysis\/eth\/ethereum-price-plunges-1565\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum price gained bearish momentum below $1,620<\/p>\n","protected":false},"author":3,"featured_media":181691,"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 Plunges After Rejection, Are Bears Back In Action? 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