{"id":1031,"date":"2024-11-04T05:11:04","date_gmt":"2024-11-04T05:11:04","guid":{"rendered":"https:\/\/bitcotasks.com\/blog\/ethereum-price-turns-red-is-this-a-temporary-dip\/"},"modified":"2024-11-04T05:11:04","modified_gmt":"2024-11-04T05:11:04","slug":"ethereum-price-turns-red-is-this-a-temporary-dip","status":"publish","type":"post","link":"https:\/\/bitcotasks.com\/blog\/ethereum-price-turns-red-is-this-a-temporary-dip\/","title":{"rendered":"Ethereum Price Turns Red: Is This a Temporary Dip?"},"content":{"rendered":"<p><em>Ethereum price started a fresh decline below the $2,550 support. ETH is struggling and might recover if it clears the $2,500 resistance zone.<\/em><\/p>\n<ul>\n<li>Ethereum started a fresh decline from the $2,650 resistance zone.<\/li>\n<li>The price is trading below $2,500 and the 100-hourly Simple Moving Average.<\/li>\n<li>There was a break above a connecting bearish trend line with resistance at $2,450 on the hourly chart of ETH\/USD (data feed via Kraken).<\/li>\n<li>The pair could start a recovery wave if it surpasses the $2,500 and $2,550 resistance levels.<\/li>\n<\/ul>\n<h2>Ethereum Price Takes Hit<\/h2>\n<p>Ethereum price struggled to stay above $2,550 and started a fresh decline like Bitcoin. ETH declined below the $2,520 and $2,500 levels.<\/p>\n<p>It tested the $2,420 support zone. A low was formed at $2,411 and the price is now attempting to recover. There was a move above the $2,450 resistance zone. The price climbed above the 23.6% Fib retracement level of the downward move from the $2,582 swing high to the $2,411 low.<\/p>\n<p>Besides, there was a break above a connecting bearish trend line with resistance at $2,450 on the hourly chart of ETH\/USD. Ethereum price is now trading below $2,500 and the 100-hourly Simple Moving Average.<\/p>\n<p>On the upside, the price seems to be facing hurdles near the $2,500 level and the 50% Fib retracement level of the downward move from the $2,582 swing high to the $2,411 low. The first major resistance is near the $2,520 level. The main resistance is now forming near $2,550.<\/p>\n<p><img decoding=\"async\" data-recalc-dims=\"1\" class=\"wp-image-651446 size-full\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2024\/11\/Ethereum_2b9f17.png?resize=1024%2C478\" alt=\"Ethereum Price\" width=\"1024\" height=\"478\" loading=\"lazy\" \/><\/p>\n<p>A clear move above the $2,550 resistance might send the price toward the $2,600 resistance. An upside break above the $2,600 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,650 resistance zone.<\/p>\n<h2>Another Decline In ETH?<\/h2>\n<p>If Ethereum fails to clear the $2,500 resistance, it could start another decline. Initial support on the downside is near the $2,450 level. The first major support sits near the $2,400 zone.<\/p>\n<p>A clear move below the $2,400 support might push the price toward $2,350. Any more losses might send the price toward the $2,320 support level in the near term. The next key support sits at $2,250.<\/p>\n<p>Technical Indicators<\/p>\n<p>Hourly MACD<strong> \u2013 <\/strong>The MACD for ETH\/USD is losing momentum in the bearish zone.<\/p>\n<p>Hourly RSI<strong> &#8211; <\/strong>The RSI for ETH\/USD is now above the 50 zone.<\/p>\n<p>Major Support Level \u2013 $2,420<\/p>\n<p>Major Resistance Level \u2013 $2,500<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum price started a fresh decline below the $2,550 support. ETH is struggling and might recover if it clears the $2,500 resistance zone. Ethereum started a fresh decline from the $2,650 resistance zone. The price is trading below $2,500 and the 100-hourly Simple Moving Average. There was a break above a connecting bearish trend line&hellip;<\/p>\n","protected":false},"author":1,"featured_media":1032,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[147],"tags":[138,148,102,104,105],"class_list":["post-1031","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-eth","tag-eth","tag-ethbtc","tag-ethereum","tag-ethusd","tag-ethusdt"],"_links":{"self":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts\/1031","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/comments?post=1031"}],"version-history":[{"count":0,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts\/1031\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/media\/1032"}],"wp:attachment":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/media?parent=1031"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/categories?post=1031"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/tags?post=1031"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}