{"id":519089,"date":"2023-02-09T05:01:40","date_gmt":"2023-02-09T05:01:40","guid":{"rendered":"https:\/\/ktsl888.com\/?p=519089"},"modified":"2024-06-11T14:32:18","modified_gmt":"2024-06-11T14:32:18","slug":"ethereum-price-retest-1600","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/ethereum\/ethereum-price-retest-1600\/","title":{"rendered":"Ethereum Price Close Below $1,600 Could Spark Larger Degree Correction"},"content":{"rendered":"<p><em>Ethereum price failed again to clear the $1,700 resistance against the US Dollar. ETH is retesting the $1,600 support, below which it could accelerate lower.<\/em><\/p>\n<ul>\n<li>Ethereum started another decline from the $1,700 resistance zone.<\/li>\n<li>The price is now trading below $1,650 and the 100 hourly simple moving average.<\/li>\n<li>There is a connecting bearish trend line forming with resistance near $1,640 on the hourly chart of ETH\/USD (data feed via Kraken).<\/li>\n<li>The pair could accelerate lower if there is a close below the $1,600 support.<\/li>\n<\/ul>\n<h2>Ethereum Price Revisits Key Support<\/h2>\n<p>Ethereum price attempted an upside break above the $1,700 level, similar to <a href=\"https:\/\/ktsl888.com\/analysis\/btc\/bitcoin-price-takes-hit-22-5k\/?swcfpc=1\" target=\"_blank\" rel=\"noopener \">bitcoin<\/a> at $23,500. ETH failed to clear the $1,700 resistance zone and started a fresh bearish wave.<\/p>\n<p>There was a drop below the <a href=\"https:\/\/ktsl888.com\/analysis\/eth\/ethereum-price-revisits-1700\/?swcfpc=1\" target=\"_blank\" rel=\"noopener \">$1,660 and $1,650 support levels<\/a>. The price even retested the key $1,600 support zone. A low is formed near $1,610 and the price is now consolidating losses. Ether price is now trading below $1,650 and the 100 hourly simple moving average.<\/p>\n<p>There is also a connecting bearish trend line forming with resistance near $1,640 on the hourly chart of ETH\/USD. An immediate resistance is near the $1,630 level. It is close to the 23.6% Fib retracement level of the downward move from the $1,698 swing high to $1,610 low.<\/p>\n<p>The next major resistance is near the $1,640 level or the trend line or the 50% Fib retracement level of the downward move from the $1,698 swing high to $1,610 low.<\/p>\n<p><a href=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/02\/Ethereum-6.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-519090\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/02\/Ethereum-6.png?resize=1834%2C845\" alt=\"Ethereum Price\" width=\"1834\" height=\"845\" srcset=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/02\/Ethereum-6.png?w=1834 1834w, https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/02\/Ethereum-6.png?w=460 460w, https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/02\/Ethereum-6.png?w=768 768w, https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/02\/Ethereum-6.png?w=860 860w, https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/02\/Ethereum-6.png?w=1536 1536w, https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/02\/Ethereum-6.png?w=750 750w, https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/02\/Ethereum-6.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<p>Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/ETHUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">ETHUSD on TradingView.com<\/a><\/p>\n<p>An upside break above the $1,650 resistance zone could start a fresh increase. In the stated case, the price may perhaps rise towards the $1,700 resistance. Any more gains might send ether price towards the $1,800 resistance zone.<\/p>\n<h2>Downside Break in ETH?<\/h2>\n<p>If ethereum fails to clear the $1,650 resistance, it could continue to move down. An initial support on the downside is near the $1,610 level.<\/p>\n<p>The next major support is near the $1,600 zone. If there is a break below $1,600, the price might accelerate lower towards the $1,550 support. Any more losses might call for a test of the $1,530 support zone.<\/p>\n<p>Technical Indicators<\/p>\n<p>Hourly MACD<strong> \u2013 <\/strong>The MACD for ETH\/USD is now losing momentum in the bearish zone.<\/p>\n<p>Hourly RSI<strong> &#8211; <\/strong>The RSI for ETH\/USD is now below the 50 level.<\/p>\n<p>Major Support Level \u2013 $1,600<\/p>\n<p>Major Resistance Level \u2013 $1,650<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum price failed again to clear the $1,700 resistance against the US Dollar. ETH is retesting the $1,600 support, below which it could accelerate lower. Ethereum started another decline from the $1,700 resistance zone. The price is now trading below $1,650 and the 100 hourly simple moving average. There is a connecting bearish trend line forming with resistance near $1,640 on the hourly chart of ETH\/USD (data feed via Kraken). The pair could accelerate lower if there is a close below the $1,600 support. Ethereum Price Revisits Key Support Ethereum price attempted an upside break above the $1,700 level, similar to bitcoin at $23,500. ETH failed to clear the $1,700 resistance zone and started a fresh bearish wave. There was a drop below the $1,660 and $1,650 support levels. The price even retested the key $1,600 support zone. A low is formed near $1,610 and the price is now consolidating losses. Ether price is now trading below $1,650 and the 100 hourly simple moving average. There is also a connecting bearish trend line forming with resistance near $1,640 on the hourly chart of ETH\/USD. An immediate resistance is near the $1,630 level. It is close to the 23.6% Fib retracement level of the downward move from the $1,698 swing high to $1,610 low. The next major resistance is near the $1,640 level or the trend line or the 50% Fib retracement level of the downward move from the $1,698 swing high to $1,610 low. Source: ETHUSD on TradingView.com An upside break above the $1,650 resistance zone could start a fresh increase. In the stated case, the price may perhaps rise towards the $1,700 resistance. Any more gains might send ether price towards the $1,800 resistance zone. Downside Break in ETH? If ethereum fails to clear the $1,650 resistance, it could continue to move down. An initial support on the downside is near the $1,610 level. The next major support is near the $1,600 zone. If there is a break below $1,600, the price might accelerate lower towards the $1,550 support. Any more losses might call for a test of the $1,530 support zone. Technical Indicators Hourly MACD \u2013 The MACD for ETH\/USD is now losing momentum in the bearish zone. Hourly RSI &#8211; The RSI for ETH\/USD is now below the 50 level. Major Support Level \u2013 $1,600 Major Resistance Level \u2013 $1,650<\/p>\n","protected":false},"author":67,"featured_media":464009,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[8323,1946,8686,78803],"class_list":["post-519089","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-eth","tag-ethereum","tag-ethusd","tag-ethusdt"],"acf":[],"yoast_head":"\n<title>Ethereum Price Close Below $1,600 Could Spark Larger Degree Correction<\/title>\n<meta name=\"description\" content=\"Ethereum price failed again to clear the $1,700 resistance against the US Dollar. 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