{"id":160153,"date":"2023-09-21T17:21:08","date_gmt":"2023-09-21T11:51:08","guid":{"rendered":"https:\/\/dripp.zone\/news\/eth-price-faulters-as-1600-support-holds-where-to-next-crypto-news\/"},"modified":"2023-09-21T17:21:10","modified_gmt":"2023-09-21T11:51:10","slug":"eth-price-faulters-as-1600-support-holds-where-to-next-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/eth-price-faulters-as-1600-support-holds-where-to-next-crypto-news\/","title":{"rendered":"ETH Price Faulters As $1,600 Support Holds, Where To Next? – Crypto News"},"content":{"rendered":"

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Ethereum price is on the verge of confirming a rejection from a potential bull market support provided by the 200-weekly Exponential Moving Average (EMA). Declines below this support \u2013 now resistance is exerting pressure on the next buyer congestion area at $1,600.<\/p>\n

Bulls must move and act quickly to keep sellers off this area, otherwise, they risk exacerbating the bearish situation.<\/p>\n

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At first, the\u00a0Federal Open Market Committee\u2019s (FOMC)<\/a>\u00a0decision to halt interest rate hikes for September appeared to have already been priced in by the crypto market. However, investors seem concerned by the remarks made by Jerome Powell, the Fed Chair on the need for more rate hikes, or at least one before the year ends.<\/p>\n

\u201cWe want to see convincing evidence really that we have reached the appropriate level, and we\u2019re seeing progress and we welcome that,\u201d Powell said. \u201cBut, you know, we need to see more progress before we\u2019ll be willing to reach that conclusion.\u201d<\/p>\n

Is This The End of The Road for Ethereum Price Bulls?<\/h2>\n

The recent move above the 200-week EMA (purple) at $1,625 to $1,650 was a significant signal that bulls had the reins. With this level now acting as resistance, bulls must put up a barricade or steady their speed breaks to reduce the likelihood of a bigger sell-off.<\/p>\n

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The Moving Average Convergence Divergence (MACD) indicator although moving sideways at the mean line (0.00) still dons a sell signal. As long as the blue MACD line holds below the red signal line, a rally will remain a pipe dream.<\/p>\n

That said, losses below $1,600 immediate support could sweep through price levels seen last in March for the second time in September.\u00a0Ethereum price<\/a>\u00a0bounced off $1,530 last week but lost steam around $1,650, pausing the uptrend.<\/p>\n