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Tuesday, October 3, 2023
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    HomeMarketEthereum Price Looks Ready For Another Leg Lower Below $1,620

    Ethereum Price Looks Ready For Another Leg Lower Below $1,620

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    Ethereum value is struggling to clear the $1,670 resistance in opposition to the US Greenback. ETH may begin one other decline if it breaks the $1,640 assist.

    • Ethereum is struggling to rise above the $1,660 and $1,670 ranges.
    • The value is buying and selling under $1,660 and the 100-hourly Easy Transferring Common.
    • There’s a key bearish development line forming with resistance close to $1,660 on the hourly chart of ETH/USD (knowledge feed through Kraken).
    • The pair may begin one other decline if it stays under $1,670 for a number of extra classes.

    Ethereum Worth Turns At Threat

    Ethereum’s value began a restoration wave above the $1,640 degree. Nonetheless, ETH value appears to be struggling to rise above the $1,660 and $1,670 ranges, like Bitcoin.

    It’s now exhibiting bearish indicators under the $1,670 degree but in addition holding the 50% Fib retracement degree of the important thing improve from the $1,580 swing low to the $1,698 excessive. Ether can also be buying and selling under $1,660 and the 100-hourly Simple Moving Average.

    Moreover, there’s a key bearish development line forming with resistance close to $1,660 on the hourly chart of ETH/USD. If the worth stays above the $1,640 assist zone, the bulls may try a contemporary improve.

    Ethereum Price

    Supply: ETHUSD on TradingView.com

    On the upside, the worth would possibly face resistance close to the $1,660 degree and the development line zone. The subsequent resistance is close to the $1,670 degree. An in depth above the $1,670 degree would possibly ship the worth towards the $1,700 pivot zone. The subsequent main resistance is close to the $1,720 degree, above which the worth may rise towards the $1,780 degree. Any extra positive aspects would possibly ship the worth towards the $1,850 resistance.

    Extra Losses in ETH?

    If Ethereum fails to clear the $1,670 resistance, it may proceed to maneuver down. Preliminary assist on the draw back is close to the $1,640 degree. The primary main assist is close to the $1,620 zone or the 61.8% Fib retracement degree of the important thing improve from the $1,580 swing low to the $1,698 excessive.

    The subsequent key assist is near $1,580. If there’s a draw back break under $1,580, the worth may speed up decrease towards the $1,500 degree. Any extra losses would possibly ship the worth towards the $1,440 degree within the close to time period.

    Technical Indicators

    Hourly MACDThe MACD for ETH/USD is dropping momentum within the bullish zone.

    Hourly RSIThe RSI for ETH/USD is now under the 50 degree.

    Main Help Stage – $1,620

    Main Resistance Stage – $1,670



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