As of today, the price of Ethereum is $1,598.10 USD, and it has seen a 1.48% increase in the last 24 hours. According to CoinMarketCap, Ethereum holds the #2 ranking with a live market cap of $192,143,082,327 USD, and its 24-hour trading volume is currently at $3,721,139,608 USD.

The circulating supply of Ethereum is 120,232,366 ETH coins, while the maximum supply is not available.

The price of Ethereum is currently in the process of recovering from a low of $1,565 against the US Dollar. However, it may face difficulty in surpassing the $1,600 mark and could potentially resume its downward trend.

  • Presently, ETH is slowly making its way towards the $1,600 resistance area and is currently trading below both the $1,600 mark and the 100-hourly Simple Moving Average.
  • Furthermore, there is a significant bearish trend line that is forming with resistance near $1,595 on the hourly chart of ETH/USD (data feed via Kraken).
  • If the pair fails to clear the $1,600 resistance area, it may begin a fresh decline.

The price of ETH has not been able to surpass the $1,600 resistance level

Unlike Bitcoin, ETH has experienced a fresh decline below both the $1,620 and $1,600 levels. ETH even hit a new weekly low below the $1,580 level, trading as low as $1,565 before starting a short-term upside correction.

Although the price climbed above the 50% Fib retracement level, as well as the $1,580 level, the bears are still dominant near the $1,600 resistance. It is proving difficult to clear the 76.4% fibre retracement level of the recent drop from the $1,600 swing high to the $1,565 low.

See also  NEAR: Amid a minor recovery, here's where bears can play spoilsport

At present, Ether is trading below $1,600 and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, a major bearish trend line is forming with resistance near $1,595. Any upside in the price may face resistance near the $1,595 level.

ETH/USD price chart – source: tradingview

The Ethereum market is facing significant resistance at the $1,600 mark. However, if the buyers manage to exceed this level, the price may rise further towards $1,620. A decisive breakthrough past the $1,620 barrier could lead to a notable increase towards the $1,650 resistance. Further gains could potentially pave the way for a move towards $1,700.

Current market trends indicate the possibility of further losses for ETH. It’s important to explore these trends to better understand the potential outcomes.

Should Ethereum fail to surpass the $1,600 resistance, it may experience another downturn. The first level of support on the downside is situated near the $1,580 mark. Beyond that lies the crucial support level of $1,565.

If the price dips below this level, it could potentially test the $1,540 support. In the event of a downside break below $1,540, the price may enter into a bearish zone, leading to a drop towards the $1,500 level.

Related News


Leave a Reply