The price of gold in Pakistan fell for the second consecutive day on Tuesday, as the rupee depreciated against the US dollar. The price of 24 karat gold decreased by Rs6,300 per tola (11.66 grammes) and Rs5,402 per 10 grammes, to settle at Rs232,800 and Rs199,588, respectively. pic.twitter.com/u317tYLUa1
— Pakistanwap (@Pakistan_Wap) September 6, 2023
- Ethereum has been gradually moving upwards from the $1,620 support area. It is currently trading above both the 100-hour simple moving average and $1,632.
- On the hourly chart of ETH/USD (data feed via Kraken), there is a positive trend line forming, with support located close to $1,622.
- If the resistance of $1,650 is broken, the pair may start an upward trend.
Ethereum Bulls Take Over as ETH Price Set to Surge Again
The price of Ethereum showed some fluctuation below the $1,650 barrier area. Even though ETH reached $1,665, the bears managed to remain in control. Following a dip, the price tested the $1,600 support area again.
— TechNoobs (@Tech_Noobs) June 30, 2019
The price of Ether is currently climbing above $1,620, and it is now above the 100-hour SMA. On the ETH/USD hourly chart, a positive trend line is developing, with support located near $1,622. The price might face some resistance near the $1,645 level on the upside.
Using the Fibonacci method, the recent decline from the swing high of $1,668 to the low of $1,624 is almost 50% retraced.
Gold rose significantly and may encounter short-term resistance near 1820/25. Gold needs to break through this resistance area to further rise to 1840/50. Pay attention to the price trend of gold futures near 1820/25 today and tomorrow.#Gold #XAUUSD @XAUUSDLina ✍️
— Emma (@Queen__xauusd) February 23, 2021
If prices are able to clear the next barrier near the $1,650 level or the 61.8% Fibonacci retracement level of the recent decline from the $1,668 swing high to the $1,624 low, the price could potentially rise towards the $1,665 mark.
Following this, the next significant obstacle would be around the $1,700 level.
ETH Price Analysis: Will Ethereum Experience Another Decline?
Ethereum may experience another downturn if it fails to surpass the $1,650 resistance level. The initial support areas on the downside are located near the $1,630 level and the 100-hourly simple moving average.
Fresh decline in $ETH?
If #ethereum fails to rise above the $1,600 resistance, it could start another decline.
— Bonsai (@bonsai_trade) September 5, 2022
The trend line near $1,620 is the first important support to watch out for. If the price breaks down below this level, the next significant pillar of support is at $1,600. A further downward break below $1,600 may empower the bears to take control. In this case, the $1,580 mark represents the next significant level of support to look for. If the price continues to drop, we can expect it to return to the crucial $1,540 support level.