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.
Ethereum price gained bearish momentum below $1,620 against the US Dollar. ETH is showing bearish signs and might decline further toward $1,540. Ethereum declined further below the $1,600 support zone. The price is trading below $1,620 and the 100-hourly Simple Moving… #ETH pic.twitter.com/2DIzOmk5EM
— Juan Manuel Chávez ₿ Ξ #Bitcoin 🇲🇽 (@JuanChavMaci) September 22, 2023
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.
4.iv. 📉ETH Price Declines: Conversely, when Ethereum's value takes a hit, the Pantheon contract price may drop. Yet, the liquidity pool price remains relatively stable since it is paired with USDC…..
— Tony.core👑💚🌙 | CitadelSwap #LyveFinance (@tonyblokz) September 17, 2023
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.
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.
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.
U.S. Treasuries declined 17% last year, the worst return in more than 200 years, and are poised for their 3rd straight year of losses for the first time in history. This is looking more likely! 👀😮 pic.twitter.com/pj4X9Js7Xc
— Barchart (@Barchart) September 22, 2023
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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