{"id":30217,"date":"2023-10-12T07:13:11","date_gmt":"2023-10-12T07:13:11","guid":{"rendered":"https:\/\/coingrafter.com\/index.php\/2023\/10\/12\/ethereum-bulls-face-crucial-test-will-1550-withstand-the-pressure\/"},"modified":"2023-10-12T07:13:11","modified_gmt":"2023-10-12T07:13:11","slug":"ethereum-bulls-face-crucial-test-will-1550-withstand-the-pressure","status":"publish","type":"post","link":"https:\/\/coingrafter.com\/index.php\/2023\/10\/12\/ethereum-bulls-face-crucial-test-will-1550-withstand-the-pressure\/","title":{"rendered":"Ethereum Bulls Face Crucial Test: Will $1,550 Withstand the Pressure?"},"content":{"rendered":"<p> [ad_1]<br \/>\n<\/p>\n<p><em>Ethereum worth is consolidating above the $1,550 assist towards the US greenback. ETH might decline closely if the bulls fail to guard $1,550 and $1,540.<\/em><\/p>\n<ul>\n<li>Ethereum is struggling to begin a restoration wave from $1,550.<\/li>\n<li>The worth is buying and selling beneath $1,585 and the 100-hourly Simple Moving Average.<\/li>\n<li>There are two bearish pattern traces forming with resistance close to $1,565 and $1,590 on the hourly chart of ETH\/USD (information feed through Kraken).<\/li>\n<li>The pair might begin a restoration wave if the bulls defend the $1,550 assist zone.<\/li>\n<\/ul>\n<h2>Ethereum Price Faces Resistance<\/h2>\n<p>Ethereum remained in a bearish zone beneath the $1,600 resistance zone. ETH remains to be consolidating above the $1,550 assist and exhibiting bearish indicators, like <a href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-bears-turns-the-tide-26500\/\" target=\"_blank\" rel=\"noopener\">Bitcoin<\/a>.<\/p>\n<p>The current low was shaped close to $1,542 earlier than the worth began a consolidation part. The worth spiked as soon as above the 23.6% Fib retracement stage of the key decline from the $1,665 swing excessive to the $1,542 low, however upsides have been restricted.<\/p>\n<p>Ethereum is now buying and selling beneath $1,585 and the 100-hourly Simple Moving Average. There are additionally two bearish pattern traces forming with resistance close to $1,565 and $1,590 on the hourly chart of ETH\/USD.<\/p>\n<p>On the upside, the worth would possibly face resistance close to the $1,565 stage and the first pattern line. The first main resistance is close to the second pattern line, $1,590, and the 100-hourly Simple Moving Average. The <a href=\"https:\/\/www.newsbtc.com\/analysis\/eth\/ethereum-price-targets-fresh-lows-1540\/\" target=\"_blank\" rel=\"noopener\">next resistance is near $1,600<\/a> or the 50% Fib retracement stage of the key decline from the $1,665 swing excessive to the $1,542 low.<\/p>\n<p><a href=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/10\/Ethereum-9.png?resize=1024%2C468\"><img decoding=\"async\" class=\"alignnone size-full wp-image-555062\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/10\/Ethereum-9.png?resize=1024%2C468\" alt=\"Ethereum Price\" width=\"1024\" height=\"468\" loading=\"lazy\" data-recalc-dims=\"1\" \/><\/a><\/p>\n<p>Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/ETHUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">ETHUSD on TradingView.com<\/a><\/p>\n<p>A transparent transfer above the $1,600 resistance would possibly begin a short-term restoration wave. In the said case, Ether might rise and get well towards the $1,665 resistance. Any extra features would possibly open the doorways for a transfer towards $1,750.<\/p>\n<h2>More Losses in ETH?<\/h2>\n<p>If Ethereum fails to clear the $1,600 resistance, it might proceed to maneuver down. Initial assist on the draw back is close to the $1,550 stage. The subsequent key assist is $1,540.<\/p>\n<p>A draw back break beneath the $1,540 assist would possibly spark one other sturdy decline. In the said case, the worth might drop towards the $1,420 stage. Any extra losses might maybe ship Ether towards the $1,350 stage.<\/p>\n<p>Technical Indicators<\/p>\n<p>Hourly MACD<strong> \u2013 <\/strong>The MACD for ETH\/USD is shedding momentum in the bearish zone.<\/p>\n<p>Hourly RSI<strong> &#8211; <\/strong>The RSI for ETH\/USD is now beneath the 50 stage.<\/p>\n<p>Major Support Level \u2013 $1,540<\/p>\n<p>Major Resistance Level \u2013 $1,600<\/p>\n<p>[ad_2]<br \/>\n<br \/><a href=\"https:\/\/www.newsbtc.com\/analysis\/eth\/ethereum-bulls-test-1550\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>[ad_1] Ethereum worth is consolidating above the $1,550 assist towards the US greenback. ETH might decline closely if the bulls fail to guard $1,550 and $1,540. Ethereum is struggling to begin a restoration wave from $1,550. The worth is buying and selling beneath $1,585 and the 100-hourly Simple Moving Average. There are two bearish pattern 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