The current value of Ethereum in the market is $1,578.27 USD, with a trading volume of $4,001,142,691 USD in the last 24 hours. Ethereum’s value has decreased by 0.90% during this period. With a live market cap of $189,754,362,369 USD,

Ethereum holds the #2 position in CoinMarketCap rankings. The circulating supply of ETH coins is 120,229,194, while the maximum supply is unknown.

The value of Ethereum against the US Dollar has decreased and is now below $1,600. There is a possibility that it may drop further and reach the support zone of $1,500.

  • Currently, Ethereum’s momentum is gaining strength below the $1,600 support zone and is trading below the 100-hourly Simple Moving Average.
  • The hourly chart of ETH/USD through Kraken’s data feed shows a crucial bearish trend line, indicating resistance near $1,600.
  • The pair is struggling and may face a further decline towards the $1,500 support level in the short term.

Ether Plummets to New Lows as Crypto Market Continues to Struggle

Ethereum has been in a bearish zone, with its price staying below the $1,660 and $1,670 resistance levels. It dropped below the $1,600 support level and entered a bearish zone, mimicking Bitcoin’s behavior. The price even fell below the $1,580 level and settled below the 100-hourly Simple Moving Average.

A low of $1,571 was formed, and the price is currently consolidating losses. It is now testing the 23.6% Fib retracement level of the recent decline from the $1,600 swing high to the $1,571 low. Ether’s current trading value is below $1,580 and the 100-hourly Simple Moving Average.

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On the hourly chart of ETH/USD, a key bearish trend line is forming with resistance near $1,600. The price may face resistance near the $1,590 level on the upside, which is close to the 61.8% Fib retracement level of the recent decline from the $1,600 swing high to the $1,571 low.

ETH/USD Price Chart – Source: Tradingview

The next significant resistance is near $1,600 and the trend line. The main hurdle is now forming near $1,620, and a close above that resistance may send the price towards the $1,650 resistance. If the bulls pump Ethereum above $1,650, the price could rise further towards $1,720, which might open the doors for a move towards $1,820.

Is ETH Headed for More Losses? Experts Analyze the Cryptocurrency’s Performance

Should Ethereum encounter difficulty in surpassing the $1,600 resistance, it may initiate a fresh decline. The first support on the downside is positioned around the $1,570 mark. The subsequent critical support level is $1,540.

If the price plunges beneath $1,540, it could potentially lead to a further bearish scenario, resulting in a fall towards the $1,500 level.

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