Ethereum Price Prediction as Bears Push ETH Down to $1,600 Level – More Pain on the Way?
The cryptocurrency market is experiencing waves of volatility, with Ethereum at the forefront of this turbulence.
Currently trading at $1,644, Ethereum has seen a 3.72% decline in the last 24 hours, pushing its market cap to approximately $197.67 billion.
This bearish movement, reflected in its trading volume of $6.4 billion, raises concerns about the potential for more losses.
As Ethereum holds its position at #2 on the CoinMarketCap ranking with a circulating supply of 120,215,528 ETH coins, the market anxiously awaits its next move.
Ethereum's valuation struggled to surpass the $1,750 mark, consequently erasing its gains relative to the greenback. A further downward trend might emerge if ETH breaches the $1,630 threshold.
Despite attempts, Ethereum could not maintain its footing above $1,700 and subsequently witnessed a significant decline reminiscent of Bitcoin's trajectory.
A notable dip occurred beneath the $1,660 marker, with the price momentarily plunging under $1,640. After probing the $1,630 support, it's currently in a phase of loss mitigation.
Furthermore, an emerging bearish trend line, with a resistance around $1,690, is discernible on the hourly ETH/USD chart.
Subsequent resistances lie around $1,680 and near the trend line at $1,700 - proximate to the 50% Fibonacci retracement of its recent downtrend.
Should Ethereum surpass $1,700, it could potentially approach $1,750.
A decisive ascent beyond $1,750 may pave the way for Ethereum to target the $1,800 barrier. Further positive traction could propel it towards the $1,850 mark.
Conversely, if Ethereum is unable to transcend the $1,700 barrier, we might observe a continued descent.
Immediate support is located around $1,640, with significant supports at $1,630
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