{"id":149261,"date":"2023-09-04T10:59:16","date_gmt":"2023-09-04T05:29:16","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=149261"},"modified":"2023-09-04T10:59:16","modified_gmt":"2023-09-04T05:29:16","slug":"ethereum-bears-hold-strong-why-eth-could-resume-downtrend-below-1600-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/ethereum-bears-hold-strong-why-eth-could-resume-downtrend-below-1600-crypto-news\/","title":{"rendered":"Ethereum Bears Hold Strong \u2013 Why ETH Could Resume Downtrend Below $1,600 &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p><em>Ethereum price tested the $1,600 zone and is currently recovering against the US Dollar. ETH is facing many hurdles near $1,650 and $1,670.<\/em><\/p>\n<ul>\n<li>Ethereum started a recovery wave from the $1,600 support level.<\/li>\n<li>The price is trading below $1,650 and the 100-hourly Simple Moving Average.<\/li>\n<li>There is a connecting bearish trend line forming with resistance near $1,665 on the hourly chart of ETH\/USD (data feed via Kraken).<\/li>\n<li>The pair could start a fresh increase unless there is a close above the $1,700 level.<\/li>\n<\/ul>\n<h2>Ethereum Price Faces Key Resistance<\/h2>\n<p>Ethereum\u2019s price extended its decline below the $1,650 support zone. ETH price even spiked below the $1,620 and tested the $1,600 handle, like <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-price-recovery-fade-26200\/\">Bitcoin<\/a>.<\/p>\n<p>A low was formed near $1,600 and the price recently started an upside correction. There was a move above the $1,620 and $1,630 levels. The price climbed above the 23.6% Fib retracement level of the downward move from the $1,748 swing high to the $1,600 low.<\/p>\n<p>Ether is still trading below $1,650 and the 100-hourly Simple Moving Average. Besides, there is a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.newsbtc.com\/analysis\/eth\/ethereum-faces-rejection-1750\/\">connecting bearish trend line<\/a> forming with resistance near $1,665 on the hourly chart of ETH\/USD.<\/p>\n<p>On the upside, the price might face resistance near the $1,650 level and the 100 hourly SMA. The next resistance is near the $1,660 level and the trend line. It is close to the 50% Fib retracement level of the downward move from the $1,748 swing high to the $1,600 low.<\/p>\n<\/p>\n<p>Source: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/ETHUSD\/\">ETHUSD on TradingView.com<\/a><\/p>\n<p>A close above the $1,665 level might send the price toward the $1,700 zone. To start a fresh increase, Ethereum must settle above the $1,700 pivot level. The next resistance might be near $1,750. Any more gains might send the price toward the $1,800 resistance.<\/p>\n<h2>Another Decline in ETH?<\/h2>\n<p>If Ethereum fails to clear the $1,665 resistance, it could start another decline. Initial support on the downside is near the $1,630 level.<\/p>\n<p>The first key support is close to $1,600. The next major support is near the $1,580 level. If there is a downside break below $1,580, the price could extend its decline toward the $1,540 level. Any more losses might send the price toward the $1,480 level in the near term.<\/p>\n<p>Technical Indicators<\/p>\n<p>Hourly MACD<strong> \u2013 <\/strong>The MACD for ETH\/USD is losing momentum in the bearish zone.<\/p>\n<p>Hourly RSI<strong> \u2013 <\/strong>The RSI for ETH\/USD is now above the 50 level.<\/p>\n<p>Major Support Level \u2013 $1,600<\/p>\n<p>Major Resistance Level \u2013 $1,665<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum price tested the $1,600 zone and is currently recovering against the US Dollar. ETH is facing many hurdles near $1,650 and $1,670. Ethereum started a recovery wave from the $1,600 support level. The price is trading below $1,650 and the 100-hourly Simple Moving Average. There is a connecting bearish trend line forming with resistance [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":139914,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-149261","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/149261","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=149261"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/149261\/revisions"}],"predecessor-version":[{"id":149262,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/149261\/revisions\/149262"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/139914"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=149261"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=149261"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=149261"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}