{"id":30505,"date":"2023-10-04T04:52:36","date_gmt":"2023-10-04T08:52:36","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=30505"},"modified":"2023-10-04T04:52:36","modified_gmt":"2023-10-04T08:52:36","slug":"ethereum-price-plunges-to-1600-can-bulls-save-the-day","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/10\/04\/ethereum-price-plunges-to-1600-can-bulls-save-the-day\/","title":{"rendered":"Ethereum Price Plunges to $1,600: Can Bulls Save the Day?"},"content":{"rendered":"

Ethereum price trimmed all gains and revisited $1,580 against the US dollar. ETH could continue to move down if it settles below the $1,600 support.<\/em><\/p>\n

Ethereum started a fresh decline below the $1,650 support.
\nThe price is trading below $1,665 and the 100-hourly Simple Moving Average.
\nThere is a key bearish trend line forming with resistance near $1,645 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start a fresh increase if it clears the $1,650 and $1,665 resistance levels.<\/p>\n

Ethereum Price Revisits Support<\/h2>\n

Ethereum\u2019s price failed to stay above the $1,665 level and moved into a bearish zone. ETH extended its decline below the $1,650 level, like Bitcoin<\/a>.<\/p>\n

The decline was such that the price even spiked below the $1,600 on Kraken. The price retested the key support at $1,585. A low was formed near $1,585 and the price is now attempting a fresh increase. There was a move above the $1,620 level.<\/p>\n

Ether climbed above the 23.6% Fib retracement level of the downward move from the $1,743 swing high to the $1,585 low. Ethereum is now trading below $1,665 and the 100-hourly Simple Moving Average<\/a>.<\/p>\n

On the upside, the price might face resistance near the $1,650 level. There is also a key bearish trend line forming with resistance near $1,645 on the hourly chart of ETH\/USD. The next major resistance is $1,665 and the 100-hourly Simple Moving Average.<\/p>\n

<\/a><\/p>\n

Source: ETHUSD on TradingView.com<\/a><\/p>\n

The 50% Fib retracement level of the downward move from the $1,743 swing high to the $1,585 low is also near the $1,665 level. A clear move above the $1,665 resistance zone could set the pace for a fresh increase. In the stated case, the price could visit the $1,700 resistance. The next key resistance might be $1,750. Any more gains might open the doors for a move toward $1,820.<\/p>\n

More Losses in ETH?<\/h2>\n

If Ethereum fails to clear the $1,665 resistance, it could continue to move down. Initial support on the downside is near the $1,620 level. The next key support is $1,600.<\/p>\n

A downside break below the $1,600 support might start another strong bearish wave. In the stated case, the price could even trade below the $1,585 level. In the stated case, Ether could visit the $1,540 level.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is losing momentum in the bearish zone.<\/p>\n

Hourly RSI \u2013 <\/strong>The RSI for ETH\/USD is now below the 50 level.<\/p>\n

Major Support Level \u2013 $1,600<\/p>\n

Major Resistance Level \u2013 $1,665<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum price trimmed all gains and revisited $1,580 against the US dollar. ETH could continue to move down if it settles below the $1,600 support.<\/em><\/p>\n

Ethereum started a fresh decline below the $1,650 support.
\nThe price is trading below $1,665 and the 100-hourly Simple Moving Average.
\nThere is a key bearish trend line forming with resistance near $1,645 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start a fresh increase if it clears the $1,650 and $1,665 resistance levels.<\/p>\n

Ethereum Price Revisits Support<\/h2>\n

Ethereum\u2019s price failed to stay above the $1,665 level and moved into a bearish zone. ETH extended its decline below the $1,650 level, like Bitcoin<\/a>.<\/p>\n

The decline was such that the price even spiked below the $1,600 on Kraken. The price retested the key support at $1,585. A low was formed near $1,585 and the price is now attempting a fresh increase. There was a move above the $1,620 level.<\/p>\n

Ether climbed above the 23.6% Fib retracement level of the downward move from the $1,743 swing high to the $1,585 low. Ethereum is now trading below $1,665 and the 100-hourly Simple Moving Average<\/a>.<\/p>\n

On the upside, the price might face resistance near the $1,650 level. There is also a key bearish trend line forming with resistance near $1,645 on the hourly chart of ETH\/USD. The next major resistance is $1,665 and the 100-hourly Simple Moving Average.<\/p>\n

<\/a><\/p>\n

Source: ETHUSD on TradingView.com<\/a><\/p>\n

The 50% Fib retracement level of the downward move from the $1,743 swing high to the $1,585 low is also near the $1,665 level. A clear move above the $1,665 resistance zone could set the pace for a fresh increase. In the stated case, the price could visit the $1,700 resistance. The next key resistance might be $1,750. Any more gains might open the doors for a move toward $1,820.<\/p>\n

More Losses in ETH?<\/h2>\n

If Ethereum fails to clear the $1,665 resistance, it could continue to move down. Initial support on the downside is near the $1,620 level. The next key support is $1,600.<\/p>\n

A downside break below the $1,600 support might start another strong bearish wave. In the stated case, the price could even trade below the $1,585 level. In the stated case, Ether could visit the $1,540 level.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is losing momentum in the bearish zone.<\/p>\n

Hourly RSI \u2013 <\/strong>The RSI for ETH\/USD is now below the 50 level.<\/p>\n

Major Support Level \u2013 $1,600<\/p>\n

Major Resistance Level \u2013 $1,665<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-30505","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/30505","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=30505"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/30505\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=30505"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=30505"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=30505"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}