On September 1st, ETH dropped below the crucial support at $1,626. While there was evident buying interest at lower levels, the bulls are finding it challenging to initiate a strong recovery. This hints at a limited demand at higher price points. The downward slope of both moving averages and the negative RSI signal that the bears still have control.
Ethereum is facing difficulties in reclaiming the $1,650 level against the US Dollar, indicating a bearish trend that could potentially breach the $1,600 support. While Ethereum initially attempted a recovery from the $1,600 support area, it encountered resistance near $1,650, much like Bitcoin. As a result, ETH is once again on a downward trajectory, exhibiting bearish signals. Currently, Ethereum is trading below $1,630 and the 100-hourly Simple Moving Average.
Ethereum is currently displaying a bearish continuation flag pattern, with a critical level at $1,600 that carries significant psychological weight. In recent trading, ETH made an attempt to breach the $1,600 mark, but encountered active buying interest near the lower boundary of the pattern, prompting a reversal in price direction. If buyers can successfully defend this crucial support level, it has the potential to pave the way for a rapid and substantial upswing in prices.
According to Coingabbar Price Analysis, Ethereum's market capitalization is currently valued at approximately $196,093,538,007. The projected 24-hour trading volume is estimated to be around $6,774,057,314.
KEY LEVELS :
RESISTANCE LEVEL : $1,660-$1,700
SUPPORT LEVEL : $1,600-$1,550
Has ETH breached a critical support level, hinting at a possible downtrend below $1,600? Could a rebound from $1,600 potentially ignite a new rally for ETH? Will ETH drop below $1,600, or is a bounce toward $1,800 on the horizon? Feel free to share your viewpoints in the comments section below.
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