Ethereum Price Could Slip to $1,600 With Bulls Missing in Action

The world’s second-largest cryptocurrency Ethereum (ETH) has been under selling pressure and is currently trading under $1,800. As of press time, the ETH price is down by 1.67% and is trading at $1,795 levels with a market cap of $215 billion, as the search for liquidity continues.

For now, the next significant support for Ethereum is $1,600 where nearly 2.48 million addresses have acquired a total of 3.8 million ETH.

If #Ethereum falls below the $1,800 mark, the next significant support level is positioned at approximately $1,600. At this level, 2.48 million addresses acquired a total of 3.8 million $ETH. pic.twitter.com/9TP6xi3R5x

— Ali (@ali_charts) August 16, 2023

Over the past few weeks, Ethereum has been failing to break past the $1,850 level which has been a strong resistance for the crypto. It has been staying within the bearish zone and has extended its fall below the $1,820 levels.

The bearish pressure managed to drive the price beneath the $1,800 threshold. It reached a bottom close to $1,778, and currently, there’s a phase of loss consolidation. A recovery upswing brought the price back above the $1,795 level. Presently, it’s trading in proximity to the 23.6% Fibonacci retracement level, calculated from the recent decline starting at the $1,853 peak to the $1,778 bottom.

What Does Ethereum (ETH) Technical Chart Suggest?

Currently, Ether’s trading is positioned beneath $1,830 and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, a connecting trend line with bearish implications is forming, showing resistance around $1,820.

In terms of potential gains, the price could encounter resistance around the $1,815 mark or at the trend line itself. This level aligns closely with the 50% Fibonacci retracement point, calculated from the recent descent that began at the $1,853 peak and ended at the $1,778 low. The subsequent resistance stands near $1,830, which also aligns with the position of the 100-hourly Simple Moving Average.

The initial significant support level rests around the $1,750 range. In case the bulls are unable to uphold the support at $1,750, there’s a possibility of further declines. Following that, a significant support level emerges near $1,720. Should the downward movement continue, there’s a chance that the price might approach the $1,650 level in the short term.

On the flip side, Ethereum long-term investors have continued to add more with ETH staking recently hitting a new all-time high.

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.