Ethereum finds itself within a descending channel, marked by a notable increase in bearish momentum. The price trend of ETH is currently characterized by heightened volatility, teetering on a precarious edge. Adding weight to the bearish sentiment, ETH's price action consistently encounters strong resistance at the upper trendline, leading to higher rejection levels.
On The Daily Chart:
Ethereum's price has dropped below $1,600 against the US Dollar, entering a bearish phase, similar to Bitcoin. It's struggling below the $1,660 and $1,670 resistance levels and has fallen beneath $1,600, settling below the 100-hourly Simple Moving Average. The price hit a low of around $1,563 and is now consolidating. It's currently testing the 23.6% Fib retracement level, with a key bearish trend line forming near $1,600 on the ETH/USD hourly chart. Further downside potential towards the $1,500 support zone is a possibility.
On the 4-hour chart, Ethereum is presently within a descending channel pattern. Back on September 18th, ETH faced considerable resistance when attempting to breach the $1,670 resistance zone and the upper boundary of the descending channel. Despite these efforts, bearish sentiment prevailed, leading to a drop below the critical $1,620 support level. Currently, ETH is trading below the psychological barrier of $1,600.
Analyzing the pattern, it suggests that Ethereum might descend further within the channel, potentially reaching the lower channel boundary, which lies around the $1,450 mark in the coming days.
According to Coingabbar Price Analysis, Ethereum's market capitalization is currently valued at $189,043,686,225. The projected 24-hour trading volume is estimated to be around $5,589,270,132.
KEY LEVELS :
RESISTANCE LEVEL : $1,600-$1,650
SUPPORT LEVEL : $1,540-$1,500
Is Ethereum (ETH) poised to breach the $2,000 barrier in the near future? With Ethereum falling below $1,600, is there more downside potential? Can ETH maintain its position above $1,500? Please share your opinions and insights in the comment section 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.
