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Saturday, September 23, 2023
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    HomeMarketThis Confluence Of Bearish Factors Shows Ethereum Could Decline Heavily

    This Confluence Of Bearish Factors Shows Ethereum Could Decline Heavily

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    Ethereum worth did not settle above $1,650 and trimmed features towards the US Greenback. ETH is now buying and selling in a bearish zone and will decline closely.

    • Ethereum peaked close to $1,670 and began a recent decline.
    • The worth is buying and selling beneath $1,650 and the 100-hourly Easy Transferring Common.
    • There’s a key bearish development line forming with resistance close to $1,620 on the hourly chart of ETH/USD (information feed by way of Kraken).
    • The pair might acquire bearish momentum if there’s a shut beneath $1,600 and $1,580.

    Ethereum Value Turns Crimson

    Ethereum’s worth attempted a fresh increase above the $1,620 pivot degree. ETH even broke the $1,650 resistance however the bears have been lively close to the $1,670 degree.

    Because of this, the worth did not proceed increased and began a recent decline beneath $1,650, like Bitcoin. There was a draw back break beneath the $1,620 degree and the 100-hourly Easy Transferring Common. The worth even retested the $1,600 help zone.

    A low is shaped close to $1,600 and the worth is now consolidating losses. Ether is now buying and selling beneath $1,650 and the 100-hourly Easy Transferring Common. Moreover, there’s a key bearish development line forming with resistance close to $1,620 on the hourly chart of ETH/USD. The development line is near the 23.6% Fib retracement degree of the downward transfer from the $1,669 swing excessive to the $1,600 low.

    On the upside, the worth may face resistance close to the $1,620 degree and the development line. The following resistance is close to the $1,635 degree or the 50% Fib retracement degree of the downward transfer from the $1,669 swing excessive to the $1,600 low.

    Ethereum price

    Supply: ETHUSD on TradingView.com

    The primary main resistance is close to $1,650, above which the worth might rise towards the $1,670 degree. The following main hurdle is close to the $1,700 degree. An in depth above the $1,700 degree may ship Ethereum additional increased towards $1,750.

    Draw back Break in ETH?

    If Ethereum fails to clear the $1,620 resistance, it might begin one other decline. Preliminary help on the draw back is close to the $1,600 degree.

    The primary key help is near $1,580. The following key help is $1,540. A draw back break beneath $1,540 may begin a significant decline towards $1,450. If there’s a draw back break beneath $1,450, the worth might check the $1,320 help degree.

    Technical Indicators

    Hourly MACDThe MACD for ETH/USD is slowly gaining momentum within the bearish zone.

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

    Main Assist Degree – $1,600

    Main Resistance Degree – $1,650



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