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{"id":519089,"date":"2023-02-09T05:01:40","date_gmt":"2023-02-09T05:01:40","guid":{"rendered":"https:\/\/uniquehot.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:\/\/uniquehot.com\/news\/ethereum\/ethereum-price-retest-1600\/","title":{"rendered":"Ethereum Price Close Below $1,600 Could Spark Larger Degree Correction"},"content":{"rendered":"

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

\n
Ethereum started another decline from the $1,700 resistance zone.<\/li>\n
The price is now trading below $1,650 and the 100 hourly simple moving average.<\/li>\n
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
The pair could accelerate lower if there is a close below the $1,600 support.<\/li>\n<\/ul>\n
Ethereum Price Revisits Key Support<\/h2>\n
Ethereum price attempted an upside break above the $1,700 level, similar to bitcoin<\/a> at $23,500. ETH failed to clear the $1,700 resistance zone and started a fresh bearish wave.<\/p>\n
There was a drop below the $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
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
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
$\"Ethereum$ <\/a><\/p>\n
Source: ETHUSD on TradingView.com<\/a><\/p>\n
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
Downside Break in ETH?<\/h2>\n
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
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
Technical Indicators<\/p>\n
Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is now losing momentum in the bearish zone.<\/p>\n
Hourly RSI – <\/strong>The RSI for ETH\/USD is now below the 50 level.<\/p>\n
Major Support Level \u2013 $1,600<\/p>\n
Major Resistance Level \u2013 $1,650<\/p>\n","protected":false},"excerpt":{"rendered":"
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 – 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":"\nEthereum 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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His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape. In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions. Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences. Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department. At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe. In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.","sameAs":["https:\/\/www.linkedin.com\/in\/aayush-jindal-358b6932\/","https:\/\/x.com\/twitter.com\/AayushJs"],"url":"https:\/\/uniquehot.com\/author\/aayushjindal\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Ethereum Price Close Below $1,600 Could Spark Larger Degree Correction","url":"http:\/\/uniquehot.com\/news\/ethereum\/ethereum-price-retest-1600\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/ethereum\/ethereum-price-retest-1600\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/05\/shutterstock_519464068.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/05\/shutterstock_519464068.jpg?fit=1000%2C636"},"articleSection":"Ethereum","author":[{"@type":"Person","name":"Aayush Jindal"}],"creator":["Aayush Jindal"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["eth","ethereum","ethusd","ethusdt"],"dateCreated":"2023-02-09T05:01:40Z","datePublished":"2023-02-09T05:01:40Z","dateModified":"2024-06-11T14:32:18Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Ethereum Price Close Below $1,600 Could Spark Larger Degree Correction\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/ethereum\\\/ethereum-price-retest-1600\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/ethereum\\\/ethereum-price-retest-1600\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2021\\\/05\\\/shutterstock_519464068.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2021\\\/05\\\/shutterstock_519464068.jpg?fit=1000%2C636\"},\"articleSection\":\"Ethereum\",\"author\":[{\"@type\":\"Person\",\"name\":\"Aayush Jindal\"}],\"creator\":[\"Aayush Jindal\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"eth\",\"ethereum\",\"ethusd\",\"ethusdt\"],\"dateCreated\":\"2023-02-09T05:01:40Z\",\"datePublished\":\"2023-02-09T05:01:40Z\",\"dateModified\":\"2024-06-11T14:32:18Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/05\/shutterstock_519464068.jpg?fit=1000%2C636","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/519089"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=519089"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/519089\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/464009"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=519089"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=519089"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=519089"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}