{"id":4658,"date":"2020-09-23T05:48:33","date_gmt":"2020-09-23T05:48:33","guid":{"rendered":"https:\/\/www.newsbtc.com\/?p=439397"},"modified":"2020-09-23T05:48:33","modified_gmt":"2020-09-23T05:48:33","slug":"ethereum-price-action-suggest-more-downsides-below-330-heres-why","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/ethereum-price-action-suggest-more-downsides-below-330-heres-why\/","title":{"rendered":"Ethereum Price Action Suggest More Downsides Below $330: Here\u2019s Why"},"content":{"rendered":"<p><em>Ethereum is struggling to recover above the $345 and $350 resistance levels against the US Dollar. ETH price is likely to continue lower below $330 unless it recovers above $355.<\/em><\/p>\n<ul>\n<li>Ethereum corrected a few points higher, but it failed to climb above the $350 level.<\/li>\n<li>The price is declining below $345 and it is well below the 100 hourly simple moving average.<\/li>\n<li>There was a break below a key contracting triangle with support near $340 on the hourly chart of ETH\/USD (data feed via Kraken).<\/li>\n<li>The pair is likely to continue lower and it could even break the $330 low.<\/li>\n<\/ul>\n<h2>Ethereum Price Could Accelerate Losses<\/h2>\n<p>Yesterday, we saw a <a href=\"https:\/\/www.newsbtc.com\/2020\/09\/22\/ethereum-eth-support-turned-resistance\/\" target=\"_blank\" rel=\"noopener noreferrer\">sharp decline in Ethereum<\/a> below the $355 support level. ETH price even broke the $340 level and settled well below the 100 hourly simple moving average.<\/p>\n<p>It traded to a new weekly low at $331 and recently started an upside correction. There was a recovery wave above the $340 level. Ether price even climbed above the 23.6% Fib retracement level of the downward move from the $375 high to $331 low.<\/p>\n<p>However, the price struggled to continue above the $350 resistance. It remained well below the $355 resistance, and the 50% Fib retracement level of the downward move from the $375 high to $331 low.<\/p>\n<p><a href=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/09\/Ethereum-19.png\"><img decoding=\"async\" loading=\"lazy\" width=\"1828\" height=\"868\" class=\"alignnone size-full wp-image-439398\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/09\/Ethereum-19.png\" alt=\"Ethereum Price\" srcset=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/09\/Ethereum-19.png 1828w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/09\/Ethereum-19-460x218.png 460w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/09\/Ethereum-19-860x408.png 860w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/09\/Ethereum-19-768x365.png 768w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/09\/Ethereum-19-1536x729.png 1536w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/09\/Ethereum-19-750x356.png 750w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/09\/Ethereum-19-1140x541.png 1140w\" sizes=\"(max-width: 1828px) 100vw, 1828px\" \/><\/a><\/p>\n<pre>Ethereum price struggling below $350. Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/ETHUSD\/\" target=\"_blank\" rel=\"noopener noreferrer\">TradingView.com<\/a><\/pre>\n<p>There was a <a href=\"https:\/\/www.newsbtc.com\/2020\/09\/21\/ethereum-eth-could-start-strong-increase\/\" target=\"_blank\" rel=\"noopener noreferrer\">fresh bearish reaction<\/a> and there was a break below a key contracting triangle with support near $340 on the hourly chart of ETH\/USD. The pair is currently trading just below $340 and facing an increase in selling pressure.<\/p>\n<p>If the price continues to move down, there is a risk of more losses below the $331 low and $330. The next major support is near the $320 level, below which the price may even retest the $310 support.<\/p>\n<h2>Upsides Capped in ETH?<\/h2>\n<p>If Ethereum starts a fresh recovery wave, it could face hurdles near the $350 level. The first major resistance is near the $355 level (the last key breakdown zone).<\/p>\n<p>A successful close above the $355 resistance might push ether further higher. In the stated case, there are chances of a decent recovery above the $365 and $370 levels in the coming sessions.<\/p>\n<p>Technical Indicators<\/p>\n<p>Hourly MACD<strong> \u2013 <\/strong>The MACD for ETH\/USD is slowly moving in the bearish zone.<\/p>\n<p>Hourly RSI<strong> &#8211; <\/strong>The RSI for ETH\/USD is still well below the 50 level.<\/p>\n<p>Major Support Level \u2013 $330<\/p>\n<p>Major Resistance Level \u2013 $355<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum is struggling to recover above the $345 and $350 resistance levels against the US Dollar. ETH price is likely to&#8230;<\/p>\n","protected":false},"author":1,"featured_media":4659,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[55],"tags":[112,73,111,113],"class_list":["post-4658","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily-crypto-news","tag-analysis","tag-ethereum","tag-ethusd","tag-ethusdt"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/4658"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=4658"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/4658\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/4659"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=4658"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=4658"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=4658"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}