{"id":4846,"date":"2020-10-04T06:48:39","date_gmt":"2020-10-04T06:48:39","guid":{"rendered":"https:\/\/www.newsbtc.com\/?p=440427"},"modified":"2020-10-04T06:48:39","modified_gmt":"2020-10-04T06:48:39","slug":"ethereum-price-action-suggests-a-firm-case-for-drop-towards-310","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/ethereum-price-action-suggests-a-firm-case-for-drop-towards-310\/","title":{"rendered":"Ethereum Price Action Suggests A Firm Case For Drop Towards $310"},"content":{"rendered":"<p><em>Ethereum topped near the $370 resistance and declined sharply against the US Dollar. ETH price is showing bearish signs below $355 and it might continue to move down.<\/em><\/p>\n<ul>\n<li>ETH price started a fresh decline after it failed to clear $370-$375 against the US Dollar.<\/li>\n<li>The price is now trading below the $355 support and the 100 simple moving average (4-hours).<\/li>\n<li>There was a break below a major ascending channel with support near $355 on the 4-hours chart of ETH\/USD (data feed via Kraken).<\/li>\n<li>The pair could correct higher, but upsides might be capped near $355 or the 100 SMA (H4).<\/li>\n<\/ul>\n<h2>Ethereum Price Breaks Key Support<\/h2>\n<p>This past week, Ethereum surpassed the $355 and $360 resistance level against the US Dollar. However, ETH price failed to gain bullish momentum above the $370 and $375 resistance levels.<\/p>\n<p>A high was formed near $372 and ether price started a sharp decline. It broke the $355 support level and the 100 simple moving average (4-hours) to move into a negative zone. There was also a break below a major ascending channel with support near $355 on the 4-hours chart of ETH\/USD.<\/p>\n<p>The price tested the $335 support zone, where the bulls took a strong stand. Recently, there was an upside correction above the $340 level. Ether traded above the 23.6% Fib retracement level of the downward move from the $372 high to $335 swing low.<\/p>\n<p><a href=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/10\/Ethereum-2.png\"><img decoding=\"async\" loading=\"lazy\" width=\"1828\" height=\"868\" class=\"alignnone size-full wp-image-440428\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/10\/Ethereum-2.png\" alt=\"Ethereum Price\" srcset=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/10\/Ethereum-2.png 1828w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/10\/Ethereum-2-460x218.png 460w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/10\/Ethereum-2-860x408.png 860w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/10\/Ethereum-2-768x365.png 768w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/10\/Ethereum-2-1536x729.png 1536w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/10\/Ethereum-2-750x356.png 750w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/10\/Ethereum-2-1140x541.png 1140w\" sizes=\"(max-width: 1828px) 100vw, 1828px\" \/><\/a><\/p>\n<pre>Ethereum price settles below $355. Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/ETHUSD\/\" target=\"_blank\" rel=\"noopener noreferrer\">TradingView.com<\/a><\/pre>\n<p>On the upside, there are many important hurdles for the bulls starting with $353. It is close to the 50% Fib retracement level of the downward move from the $372 high to $335 swing low.<\/p>\n<p>The main resistance is near the $355 level and the 100 simple moving average (4-hours), above which the price might start a steady upward move towards $370 or even $380 in the coming days.<\/p>\n<h2>More Downsides in Ether (ETH)?<\/h2>\n<p>If Ethereum fails to clear the $355 resistance zone, it might start a fresh decline. An initial support on the downside is near the $340 level.<\/p>\n<p>The first major support is near the $335 level. If ether fails to stay above the $334 support, there is a risk of a sharp decline towards the next major support at $315 or $310. Any further losses could the price towards the $300 support.<\/p>\n<p>Technical Indicators<\/p>\n<p>4 hours MACD \u2013 The MACD for ETH\/USD is slowly moving into the bullish zone.<\/p>\n<p>4 hours RSI &#8211; The RSI for ETH\/USD is now well below the 50 level.<\/p>\n<p>Major Support Level \u2013 $335<\/p>\n<p>Major Resistance Level \u2013 $355<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum topped near the $370 resistance and declined sharply against the US Dollar. ETH price is showing bearish signs below $355&#8230;<\/p>\n","protected":false},"author":1,"featured_media":4847,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[55],"tags":[112,73,111,113],"class_list":["post-4846","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\/4846"}],"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=4846"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/4846\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/4847"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=4846"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=4846"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=4846"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}