{"id":34583,"date":"2022-11-09T07:26:06","date_gmt":"2022-11-09T07:26:06","guid":{"rendered":"https:\/\/egrowonline.com\/?p=34583"},"modified":"2022-11-09T07:26:06","modified_gmt":"2022-11-09T07:26:06","slug":"ethereum-price-tumbles-why-recovery-could-be-round-the-corner","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=34583","title":{"rendered":"Ethereum Price Tumbles, Why Recovery Could Be Round The Corner"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<p><em>Ethereum extended losses below the $1,400 support against the US Dollar. ETH is consolidating and might recover if there is a clear move above $1,340 resistance.<\/em><\/p>\n<ul>\n<li>Ethereum started a major decline below the $1,400 and $1,350 levels.<\/li>\n<li>The price is now trading below $1,400 and the 100 hourly simple moving average.<\/li>\n<li>There is a key bearish trend line forming with resistance near $1,320 on the hourly chart of ETH\/USD (data feed via Kraken).<\/li>\n<li>The pair is down over 10% and is currently consolidating losses near $1,300.<\/li>\n<\/ul>\n<h2>Ethereum Price Dives Over 10%<\/h2>\n<p>Ethereum started a major decline from well above the $1,550 level. ETH broke a major support near the $1,500 level and the 100 hourly simple moving average. The recent decline in FTT and SOL dragged the market lower, including <a target=\"_blank\" href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-price-takes-major-hit-18k\/\" rel=\"noopener\">bitcoin<\/a>.<\/p>\n<p><a target=\"_blank\" href=\"https:\/\/www.newsbtc.com\/analysis\/eth\/ethereum-price-crashes-below-1500\/\" rel=\"noopener\">Ether price declined heavily<\/a> below the $1,400 support level. The bears were even able to push the price below the $1,350 level. The price traded as low as $1,221 and recently corrected a few higher. There was a move above the $1,250 and $1,300 levels.<\/p>\n<p>The price is now trading below $1,400 and the 100 hourly simple moving average. It is consolidating near the 23.6% Fib retracement level of the recent decline from the $1,580 swing high to $1,221 low.<\/p>\n<p>An immediate resistance on the upside is near the $1,320 level. There is also a key bearish trend line forming with resistance near $1,320 on the hourly chart of ETH\/USD. The next major resistance is near the $1,340 level. A clear break above the $1,340 resistance could set the pace for a decent increase.<\/p>\n<p><a target=\"_blank\" href=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2022\/11\/Ethereum-7.png\" rel=\"noopener\"><img decoding=\"async\" loading=\"lazy\" class=\"alignnone size-full wp-image-509941\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2022\/11\/Ethereum-7.png\" alt=\"Ethereum Price\" width=\"1834\" height=\"845\" srcset=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2022\/11\/Ethereum-7.png 1834w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2022\/11\/Ethereum-7-460x212.png 460w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2022\/11\/Ethereum-7-860x396.png 860w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2022\/11\/Ethereum-7-768x354.png 768w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2022\/11\/Ethereum-7-1536x708.png 1536w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2022\/11\/Ethereum-7-750x346.png 750w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2022\/11\/Ethereum-7-1140x525.png 1140w\" \/><\/a><\/p>\n<p>Source: <a target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/ETHUSD\/\" rel=\"noopener\">ETHUSD on TradingView.com<\/a><\/p>\n<p>In the stated case, the price could rise to the $1,400 level. It is near the 50% Fib retracement level of the recent decline from the $1,580 swing high to $1,221 low. Any more gains might send the price toward the $1,500 resistance zone.<\/p>\n<h2>More Losses in ETH?<\/h2>\n<p>If ethereum fails to climb above the $1,340 resistance, it could continue to move down. An initial support on the downside is near the $1,275 level.<\/p>\n<p>The next major support is near the $1,220 level, below which ether price may perhaps extend losses. In the stated scenario, the price could decline towards the $1,100 support zone in the near term.<\/p>\n<p>Technical Indicators<\/p>\n<p>Hourly MACD<strong> \u2013 <\/strong>The MACD for ETH\/USD is now losing momentum in the bearish zone.<\/p>\n<p>Hourly RSI<strong> \u2013 <\/strong>The RSI for ETH\/USD is now below the 50 level.<\/p>\n<p>Major Support Level \u2013 $1,275<\/p>\n<p>Major Resistance Level \u2013 $1,340<\/p>\n<\/p><\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/news.google.com\/__i\/rss\/rd\/articles\/CBMiQWh0dHBzOi8vd3d3Lm5ld3NidGMuY29tL2FuYWx5c2lzL2V0aC9ldGhlcmV1bS1wcmljZS10dW1ibGVzLTEyMjAv0gEA?oc=5\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum extended losses below the $1,400 support against the US Dollar. ETH is consolidating and might recover if there is a clear move above $1,340 resistance. Ethereum started a major decline below the $1,400 and $1,350 levels. The price is now trading below $1,400 and the 100 hourly simple moving average. There is a key [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":34584,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[41],"tags":[1840,158,195,2565,903],"class_list":["post-34583","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-corner","tag-ethereum","tag-price","tag-recovery","tag-tumbles"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/11\/shutterstock_649452289.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/34583","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=34583"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/34583\/revisions"}],"predecessor-version":[{"id":34585,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/34583\/revisions\/34585"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/34584"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=34583"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=34583"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=34583"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}