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.
📊📈 Ethereum Price Prediction as Holesky Testnet Fails to Launch – Is It All Over for ETH?
— Cryptonews.com (@cryptonews) September 18, 2023
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.
Power of 3.
Compared with BTC, BTC has a probability of driving ETH to around 1602 first.
But BTC is probably not the bottom. There is a chance that it will rebound a little and then continue to fall. BTC will pay attention to the price action around 26245.#Etherum pic.twitter.com/XzLnTE1C9U
— Mr.A (@MrAtrader) September 25, 2023
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.
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.
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.
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