ETHEREUM PRICE ANALYSIS CMP-$1,635: Will Bulls be able to hold $1600?

ETH is exhibiting a bearish continuation flag pattern

During the recent downturn, Ethereum has faced significant selling pressure over the past few days. After reaching its last swing high at $1746, the price of the coin has experienced a 6% decline, currently trading at $1640. Should the coin's price find support at this level, it is poised for a potential rally towards the resistance trendline around $1720.

On The Daily Chart:

On the daily chart, this altcoin sits just above a crucial support line at $1600, indicating strong demand with a recent rejection from lower levels. Ethereum tested $1600 and is now recovering against the US Dollar, but faces hurdles at $1650 and $1670. It briefly dipped below $1620 and tested $1600, much like Bitcoin. Finding support at $1602, it's now correcting upwards, surpassing $1620 and $1630, breaching the 23.6% Fibonacci retracement level.

On The 4-Hour Chart:

Ethereum is currently showing a bearish continuation flag pattern, and there's a crucial level at $1.6K that holds significant psychological importance. If sellers manage to break below this critical threshold, it could lead to a rapid and substantial drop in prices. Nevertheless, crypto traders should closely monitor how the price behaves around this support level. If there's no quick rebound in the next few days, it would signal a lack of buyer confidence and increase the likelihood of further price declines.

According to Coingabbar Price Analysis, Ethereum's market capitalization is currently valued at approximately $196,742,183,387. The projected 24-hour trading volume is estimated to be around $5,015,334,218.

KEY LEVELS :

RESISTANCE LEVEL : $1,660-$1,700

SUPPORT LEVEL : $1,600-$1,550

Did ETH Break Crucial Support, Signaling a Potential Downtrend Below $1,600? Is a Rebound from $1,600 Likely to Trigger a Fresh Rally for ETH? Will ETH Fall Below $1,600 or Make a Bounce Towards $1,800? Please share your perspectives in the comment box below.

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.