{"id":155824,"date":"2023-09-14T16:47:50","date_gmt":"2023-09-14T11:17:50","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=155824"},"modified":"2023-09-14T16:47:50","modified_gmt":"2023-09-14T11:17:50","slug":"eth-price-stalls-after-reclaiming-1600-support-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/eth-price-stalls-after-reclaiming-1600-support-crypto-news\/","title":{"rendered":"ETH Price Stalls After Reclaiming $1,600 Support – Crypto News"},"content":{"rendered":"

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ETH price strengthened the bullish outlook from the beginning of this week with gains exceeding the current support at $1,600. This bullish comeback can be attributed to sentiment surrounding the\u00a0Franklin Templeton spot BTC ETF filing<\/a>. Franklin is a $1.5 trillion asset management firm and its interest in the crypto market has been perceived to be positive.<\/p>\n

ETH Price Comeback Stalls \u2013 What To Expect<\/h2>\n

The largest smart contracts token had plunged to $1,531, revisiting levels seen six months ago in March before making a sharp rebound to $1,640. While the\u00a0US Consumer Price Index (CPI) data<\/a>\u00a0came out unfavorable, it did not destabilize the crypto market.<\/p>\n

<\/p>\n

Due to the lack of momentum to nurture the ongoing recovery to $1,800 and then to $2,000,\u00a0Ethereum live price<\/a>\u00a0holds between a rock and a hard place. On the upside, the 100-day Exponential Moving Average (EMA) serves as a major boundary at $1,633, with the 50-day EMA proving short-term support at $1,613.<\/p>\n

A break either above or below the moving averages would either validate gains to $1,800 or trigger another sell-off below $1,600, where ETH price may be forced to seek relief at $1,531.<\/p>\n

\"eth<\/a>
ETH\/USD four-hour chart | Tradingview<\/figcaption><\/figure>\n

Traders should consider holding their long positions in\u00a0Ethereum as long as the price is above $1,600<\/a>. The Moving Average Convergence Divergence (MACD) indicator is solidifying the bullish narrative with a buy signal. Recovery above the mean line (0.00) into the positive region could also call more traders to buy ETH, building the momentum for a rally.<\/p>\n

<\/p>\n

Ethereum Network Activity Spikes<\/h2>\n

Ethereum saw the biggest increase in the number of unique addresses transacting on the network on Wednesday \u2013 the second highest in eight years. According to\u00a0the on-chain analytics platform Santiment<\/a>, addresses transacting on the protocol rose to 1,089,893.<\/p>\n

<\/p>\n

\u201cThis historic anomaly could be the capitulation signal needed for prices to rebound.\u201d<\/p>\n

\"eth\"eth<\/a>
Ethereum Active Addresses | Santiment<\/figcaption><\/figure>\n

A spike in the unique addresses transacting on Ethereum is often considered a bullish signal. Solldy, an analyst who shares his view of\u00a0ETH price and other cryptos on Tradingview<\/a>\u00a0believes that:<\/p>\n

\u201cThe downward momentum has slowed down. The chart confirmed the current support level several times. The volumes of trades decreased even more. I believe that Ethereum is preparing for growth, which will start only after overcoming the resistance level.\u201d<\/p>\n

\"eth\"eth<\/a>
ETH\/USD price chart | Tradingview<\/figcaption><\/figure>\n

The short-term support at $1,600 remains critical to ETH price. It is the crossroads that will determine if Ethereum rallies above $2,000 from the prevailing level or sweeps through lower levels at $1,531, $1,450, or $1,000 before the run-up into the bull market begins.<\/p>\n

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John is a renowned crypto analyst and journalist, providing expert insights into both broad and focused aspects of the digital asset market. As a steadfast reporter, he keeps his audience updated with the latest news in the crypto sphere, delving into topics such as price trends, on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the ever-evolving metaverse. <\/p>\n<\/p><\/div>\n

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n

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ETH price strengthened the bullish outlook from the beginning of this week with gains exceeding the current support at $1,600. This bullish comeback can be attributed to sentiment surrounding the\u00a0Franklin Templeton spot BTC ETF filing. Franklin is a $1.5 trillion asset management firm and its interest in the crypto market has been perceived to be […]<\/p>\n","protected":false},"author":2,"featured_media":155825,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[192,29,198,194,195,199,196,193,197,200],"class_list":["post-155824","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-blockchain-business","tag-business","tag-coins","tag-crypto-business","tag-cryptocurrency-business","tag-fiat","tag-metaverse-business","tag-nft-business","tag-token","tag-token-business"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/155824","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=155824"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/155824\/revisions"}],"predecessor-version":[{"id":155830,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/155824\/revisions\/155830"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/155825"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=155824"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=155824"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=155824"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}