{"id":27336,"date":"2023-08-23T04:41:16","date_gmt":"2023-08-23T04:41:16","guid":{"rendered":"https:\/\/coingrafter.com\/index.php\/2023\/08\/23\/ethereum-price-grinds-lower-as-bears-target-fresh-low-below-1550\/"},"modified":"2023-08-23T04:41:17","modified_gmt":"2023-08-23T04:41:17","slug":"ethereum-price-grinds-lower-as-bears-target-fresh-low-below-1550","status":"publish","type":"post","link":"https:\/\/coingrafter.com\/index.php\/2023\/08\/23\/ethereum-price-grinds-lower-as-bears-target-fresh-low-below-1550\/","title":{"rendered":"Ethereum Price Grinds Lower As Bears Target Fresh Low Below $1,550"},"content":{"rendered":"<p> [ad_1]<br \/>\n<\/p>\n<div>\n<p><em>Ethereum worth is going through many hurdles beneath the $1,700 resistance in opposition to the US Dollar. ETH may prolong its decline beneath the $1,580 and $1,550 ranges.<\/em><\/p>\n<ul>\n<li>Ethereum remains to be struggling to get well above the $1,700 and $1,720 ranges.<\/li>\n<li>The worth is buying and selling beneath $1,680 and the 100-hourly Simple Moving Average.<\/li>\n<li>There is a serious bearish development line forming with resistance close to $1,665 on the hourly chart of ETH\/USD (information feed by way of Kraken).<\/li>\n<li>The pair may begin one other decline if it breaks the $1,580 assist within the close to time period.<\/li>\n<\/ul>\n<h2>Ethereum Price Faces Uphill Task<\/h2>\n<p>Ethereum\u2019s worth did not climb above the $1,700 resistance zone. ETH began a recent decline beneath the $1,650 and $1,620 ranges, much like <a href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-bulls-pushing-26500\/\" target=\"_blank\" rel=\"noopener\">Bitcoin<\/a>.<\/p>\n<p>The worth even spiked beneath the $1,600 assist and examined $1,580. A low was fashioned close to $1,580 and the value is now trying a recent restoration. There was a transfer above the $1,600 stage. The worth is now testing the 50% Fib retracement stage of the downward transfer from the $1,693 swing excessive to the $1,580 low.<\/p>\n<p>Ether can also be buying and selling beneath $1,680 and the <a href=\"https:\/\/dash.parsely.com\/newsbtc.com\/find?url=https%3A%2F%2Fwww.newsbtc.com%2Fanalysis%2Feth%2Fethereum-price-selling-interest-1700%2F&amp;utm_campaign=wp-admin-posts-list&amp;utm_source=wp-admin&amp;utm_medium=wp-parsely\" target=\"_blank\" rel=\"nofollow noopener\">100-hourly Simple Moving Average<\/a>. Besides, there&#8217;s a main bearish development line forming with resistance close to $1,665 on the hourly chart of ETH\/USD.<\/p>\n<p>On the upside, the value would possibly face resistance close to the $1,650 stage. It is near the 61.8% Fib retracement stage of the downward transfer from the $1,693 swing excessive to the $1,580 low. The subsequent resistance is close to $1,665 or the 100-hourly Simple Moving Average or the development line.<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-548500\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/08\/Ethereum-9.png?resize=1024%2C468\" alt=\"Ethereum Price\" width=\"1024\" height=\"468\" srcset=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/08\/Ethereum-9.png?resize=1024%2C468?w=1835 1835w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/08\/Ethereum-9.png?resize=1024%2C468?w=460 460w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/08\/Ethereum-9.png?resize=1024%2C468?w=768 768w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/08\/Ethereum-9.png?resize=1024%2C468?w=860 860w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/08\/Ethereum-9.png?resize=1024%2C468?w=1536 1536w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/08\/Ethereum-9.png?resize=1024%2C468?w=750 750w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/08\/Ethereum-9.png?resize=1024%2C468?w=1140 1140w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" loading=\"lazy\" data-recalc-dims=\"1\"\/><\/p>\n<p>Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/ETHUSD\/\" target=\"_blank\" rel=\"noopener\">ETHUSD on TradingView.com<\/a><\/p>\n<p>The major barrier remains to be close to the $1,700 zone. An in depth above the $1,700 stage may begin an honest enhance within the close to time period. The subsequent main resistance is close to the $1,750 stage. Any extra beneficial properties would possibly ship the value towards the $1,820 resistance.<\/p>\n<h2>Another Drop in ETH?<\/h2>\n<p>If Ethereum fails to clear the $1,665 resistance, it may begin one other decline. Initial assist on the draw back is close to the $1,600 stage.<\/p>\n<p>The first main assist is close to the $1,580 zone. If there&#8217;s a draw back break beneath $1,580, there could possibly be extra losses. The subsequent main assist is close to the $1,550 assist stage. Any extra losses would possibly ship the value towards the $1,520 stage and even to a brand new low beneath $1,500.<\/p>\n<p>Technical Indicators<\/p>\n<p>Hourly MACD<strong> \u2013 <\/strong>The MACD for ETH\/USD is shedding momentum within the bearish zone.<\/p>\n<p>Hourly RSI<strong> \u2013 <\/strong>The RSI for ETH\/USD is now beneath the 50 stage.<\/p>\n<p>Major Support Level \u2013 $1,580<\/p>\n<p>Major Resistance Level \u2013 $1,665<\/p>\n<\/p><\/div>\n<p>[ad_2]<br \/>\n<br \/><a href=\"https:\/\/www.newsbtc.com\/analysis\/eth\/ethereum-price-grinds-lower-1550\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>[ad_1] Ethereum worth is going through many hurdles beneath the $1,700 resistance in opposition to the US Dollar. ETH may prolong its decline beneath the $1,580 and $1,550 ranges. Ethereum remains to be struggling to get well above the $1,700 and $1,720 ranges. The worth is buying and selling beneath $1,680 and the 100-hourly Simple 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