{"id":182208,"date":"2023-10-04T05:39:05","date_gmt":"2023-10-04T05:39:05","guid":{"rendered":"https:\/\/precoinnews.com\/?p=182208"},"modified":"2023-10-04T05:39:05","modified_gmt":"2023-10-04T05:39:05","slug":"ethereum-price-plunges-to-1600-can-bulls-save-the-day","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/ethereum-price-plunges-to-1600-can-bulls-save-the-day\/","title":{"rendered":"Ethereum Price Plunges to $1,600: Can Bulls Save the Day?"},"content":{"rendered":"<p><em>Ethereum price trimmed all gains and revisited $1,580 against the US dollar. ETH could continue to move down if it settles below the $1,600 support.<\/em><\/p>\n<ul>\n<li>Ethereum started a fresh decline below the $1,650 support.<\/li>\n<li>The price is trading below $1,665 and the 100-hourly Simple Moving Average.<\/li>\n<li>There is a key bearish trend line forming with resistance near $1,645 on the hourly chart of ETH\/USD (data feed via Kraken).<\/li>\n<li>The pair could start a fresh increase if it clears the $1,650 and $1,665 resistance levels.<\/li>\n<\/ul>\n<h2>Ethereum Price Revisits Support<\/h2>\n<p>Ethereum\u2019s price failed to stay above the $1,665 level and moved into a bearish zone. ETH extended its decline below the $1,650 level, like Bitcoin.<\/p>\n<p>The decline was such that the price even spiked below the $1,600 on Kraken. The price retested the key support at $1,585. A low was formed near $1,585 and the price is now attempting a fresh increase. There was a move above the $1,620 level.<\/p>\n<p>Ether climbed above the 23.6% Fib retracement level of the downward move from the $1,743 swing high to the $1,585 low. Ethereum is now trading below $1,665 and the 100-hourly Simple Moving Average.<\/p>\n<p>On the upside, the price might face resistance near the $1,650 level. There is also a key bearish trend line forming with resistance near $1,645 on the hourly chart of ETH\/USD. The next major resistance is $1,665 and the 100-hourly Simple Moving Average.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/10\/Ethereum-3.png?resize=1024%2C458\"><\/p>\n<p>Source: ETHUSD on TradingView.com<\/p>\n<p>The 50% Fib retracement level of the downward move from the $1,743 swing high to the $1,585 low is also near the $1,665 level. A clear move above the $1,665 resistance zone could set the pace for a fresh increase. In the stated case, the price could visit the $1,700 resistance. The next key resistance might be $1,750. Any more gains might open the doors for a move toward $1,820.<\/p>\n<h2>More Losses in ETH?<\/h2>\n<p>If Ethereum fails to clear the $1,665 resistance, it could continue to move down. Initial support on the downside is near the $1,620 level. The next key support is $1,600.<\/p>\n<p>A downside break below the $1,600 support might start another strong bearish wave. In the stated case, the price could even trade below the $1,585 level. In the stated case, Ether could visit the $1,540 level.<\/p>\n<p>Technical Indicators<\/p>\n<p>Hourly MACD<strong> \u2013 <\/strong>The MACD for ETH\/USD is 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 $1,665<\/p>\n<p>Source: <a href=\"https:\/\/www.newsbtc.com\/analysis\/eth\/ethereum-price-plunges-to-1600\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum price trimmed all gains and revisited<\/p>\n","protected":false},"author":3,"featured_media":182207,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ethereum Price Plunges to $1,600: Can Bulls Save the Day? 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