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Can Bulls Save the Day?

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Ethereum Price Eth
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Ethereum corrected lower below $1,650 against the US Dollar. ETH must stay above the $1,550 support zone to avoid a sharp bearish reversal.

  • Ethereum started a key downside correction and traded below the $1,650 level.
  • The price is now trading below $1,650 and the 100 hourly simple moving average.
  • There is a connecting bearish trend line forming with resistance near $1,700 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must stay above the $1,550 support to start a fresh increase in the near term.

Ethereum Price Dips Over 6%

Ethereum failed to stay above the $1,750 and $1,720 levels. ETH reacted to the downside below the $1,700 level and the 100 hourly simple moving average.

The price declined over 5% and even spiked below the $1,600 level, similar to bitcoin. It even tested the $1,550 support and traded as low as $1,552. Ether is now trading below $1,650 and the 100 hourly simple moving average.

The bulls are now pushing the price above the 23.6% Fib retracement level of the downward move from the $1,789 swing high to $1,552 low. On the upside, the price is facing resistance near the $1,620 level.

The next major resistance is near the $1,660 and $1,670 levels. It is near the 50% Fib retracement level of the downward move from the $1,789 swing high to $1,552 low. A clear break above $1,670 might send the price towards the $1,700 level.

Source: ETHUSD on TradingView.com

There is also a connecting bearish trend line forming with resistance near $1,700 and the 100 hourly simple moving average on the hourly chart of ETH/USD. Any more gains may perhaps open the doors for a move towards the $1,780 resistance in the near term.

More Losses in ETH?

If ethereum fails to rise above the $1,660 resistance, it could continue to move down. An initial support on the downside is near the $1,580 zone.

The next major support is near $1,550. A downside break below the $1,550 support might spark more losses. In the stated case, ether price might decline towards the $1,500 level. Any more losses could push the price to $1,440.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is now losing momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now rising towards the 50 level.

Major Support Level – $1,500

Major Resistance Level – $1,660

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Open Community Aggregation Game Platform HAM Launches Web3.0 Developer Aggregation Tool

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Open Community Aggregation Game Platform Ham Launches Web3.0 Developer Aggregation Tool
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OTTAWA, Ontario–(BUSINESS WIRE)–HAM, a Web3.0 blockchain game aggregation platform led by Canadian blockchain company INS LABS, recently announced that they would launch a developer ecology aggregation tool, allowing developers to freely customize the blockchain game ecology, and players to put forward their own needs to make NFT elements such as equipment, characters, scenes, etc. Meanwhile, HAM also supports existing game ecologies, such as RPG, APRG, SIM EDU, SRPG, building a metaverse platform with a win-win situation for the platform, developers and players, and is committed to building the first scene of the virtual world of the metaverse.

Meanwhile, MIR LIST, the first GameFi project of HAM, will launch on HAM platform on 4th, October, opening the win-win ecology of HAM and MIR LIST

At present, HAM has launched a metaverse ecosystem integrating functions of game library, launchpad, NFT MarketPlace and Swap, combined with Web3.0 marketing tools and embedded new social elements to link players directly with projects, relying on HAM’s huge user traffic pool to empower game ecology.

HAM abandoned the traditional centralized governance model and introduced DAO community autonomy, returning the ownership of the HAM platform back to the community. Only one week after the official launch of HAM, its players have spread across 30 countries, including the UK, France, Russia, and Japan, radiating 200,000 users worldwide.

In the design of the token economy, HAM has launched the platform’s only token HAM, 100% all returned to the market. As the core medium of the HAM ecosystem, it participates in transactions such as NFT, Swap, voting, and in the exchange of game assets with digital assets. At the same time, HAM deploys the first Direct Acyclic Graph (DAG) based minable Mainnet coin XDAG as a special award, forming a unique P2E model that enables seamless exchange of assets between the HAM gaming platform and other cryptocurrencies in other blockchains.

HAM helps users transition from the Web2.0 era to the Web3.0 era, creating the underlying infrastructure of the Web3.0 gaming ecosystem. In the future, HAM will link the game ecology and metaverse scene, allowing game assets to get infinite possible development, returning the value of community rewards and data assets to the users, and building a metaverse game platform that accommodates millions of users.

Contacts

Media:

Company: HAM

Contact Person: John Liu

Email: [email protected]
Website: http://hamgame.world
Address: Ottawa, Canada

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Whale Alert: 150 Billion Shiba Inu (SHIB) Bought by Anon Whale

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Whale Alert: 150 Billion Shiba Inu (Shib) Bought By Anon Whale
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