The current market price of Ethereum in USD is $1,596.79 with a trading volume of $5,165,066,026 USD over the past 24 hours. Ethereum has experienced a 1.47% decrease in value within the last 24 hours. As of now, Ethereum holds the #2 rank on CoinMarketCap with a market cap of $191,978,953,261 USD.

Ethereum’s Value Drops Below $1,620 as US Dollar Continues to Cause Decline

The US dollar has been causing a rapid decline in the value of ether, which is now below $1,620. With negative indicators showing, it is likely that the price of ETH will continue to drop even further to around $1,540.

  • The support level of $1,600 for Ethereum has been breached, causing a decline in its value. Currently, the price of ETH/USD is below the 100-hour simple moving average and $1,620.
  • On the hourly chart through Kraken, two bearish trend lines have formed with resistance levels near $1,600 and $1,620.
  • As a result, there is a possibility of further decline in the near future, with the pair potentially testing the support level of $1,540.

There are currently 120,228,095 ETH coins in circulation with no available information about the maximum supply.

Ethereum Price Plummets: Reasons Behind the Sudden Drop

The price of Ethereum started to decline after reaching resistance levels of $1,660 and $1,670. Compared to Bitcoin, ETH performed poorly and dropped below the support level of $1,620, indicating a bearish trend.

The bears managed to break through the $1,600 support and the 100-hourly simple moving average, causing the price to drop to around $1,568. However, there has been a recent attempt at a rebound, with the price increasing beyond $1,580.

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The current focus is on retracing 23.6% of the decline from the high of $1,660 to the low of $1,568. Presently, the price of ether is trading below the 100-hour SMA and the $1,620 mark. On the hourly chart of ETH/USD, two negative trend lines are forming with resistance around $1,600 and $1,620.

ETH/USD Price Chart – Source: Tradingview

There is a possibility that the price may encounter some resistance near the first trend line and the $1,600 level, but if it manages to surpass these levels, the next areas of resistance include the second trend line, the 100-hourly Simple Moving Average, and the $1,610 mark.

Additionally, the trend line is currently in close proximity to a 50% Fib retracement of the latest slide from the $1,660 swing high to the $1,568 low. If the $1,620 resistance is overcome, the price may move towards the $1,650 resistance, followed by a significant obstacle at $1,660.

A close above the $1,660 mark may pave the way for Ethereum to rise further. $1,750.

Ethereum Price Analysis: Will Ether Sustain the Recent Sell-Off or Face More Losses?

In the event that Ethereum fails to surpass the $1,620 resistance, there is a possibility that it may experience a decline. The first level of support on the downside is situated around $1,565.

The crucial support level to watch for is $1,540. If this level is broken, it could lead to further losses. In such a case, the price may decline towards the $1,440 level in the coming days.

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