Sunday, November 27, 2022
    HomeMarketETH could drop below the $1,600 level as bears take control

    ETH could drop below the $1,600 level as bears take control


    The broader cryptocurrency market has erased the positive factors it accrued earlier this week.

    The cryptocurrency market is buying and selling within the pink zone for the primary time this week. The costs of most cash and tokens and down by greater than 2% over the past 24 hours.

    The whole cryptocurrency market cap presently stands under $1.1 trillion after the market misplaced practically 4% of its worth within the final 24 hours.

    Bitcoin, the world’s main cryptocurrency, has misplaced greater than 3% of its worth to date at present and has dropped under the $23k resistance degree.

    Ether stays the second-largest cryptocurrency by market cap, and suffered an enormous loss over the past 24 hours. ETH is down by practically 6% at present and presently trades above $1,600 per coin.

    The Ethereum bulls can be pressured to defend the $1,500 help degree over the approaching hours because the ecosystem continues to prepare for the Merge.

    Key ranges to observe

    The ETH/USD 4-hour chart is presently impartial regardless of Ether recording big losses over the past 24 hours. The technical indicators present that ETH may quickly enter the bearish zone if the present momentum is maintained.

    The MACD line is across the impartial zone after spending many of the week within the optimistic area. Additional bearish motion may see the MACD line enter the damaging territory.

    The 14-day relative power index of 47 exhibits that ETH may enter the oversold area if the bears stay in cost.

    At press time, ETH is buying and selling at $1,697 per coin. If the bearish run continues, ETH may drop under the $1,596 help degree earlier than the tip of the day. Nonetheless, ETH ought to keep its value above the $1,500 help degree within the quick time period.

    The bulls would possibly regain management of the market and push ETH in the direction of the $1,771 resistance degree over the approaching hours or days. Forward of the Merge, ETH may look to rally in the direction of the $2,000 psychological degree within the close to time period.

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