{"id":549880,"date":"2023-09-04T04:38:55","date_gmt":"2023-09-04T04:38:55","guid":{"rendered":"https:\/\/wncen.com\/?p=549880"},"modified":"2024-06-11T14:28:57","modified_gmt":"2024-06-11T14:28:57","slug":"ethereum-bears-strong-1700","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/ethereum-bears-strong-1700\/","title":{"rendered":"Ethereum Bears Hold Strong \u2013 Why ETH Could Resume Downtrend Below $1,600"},"content":{"rendered":"<p><em>Ethereum price tested the $1,600 zone and is currently recovering against the US Dollar. ETH is facing many hurdles near $1,650 and $1,670.<\/em><\/p>\n<ul>\n<li>Ethereum started a recovery wave from the $1,600 support level.<\/li>\n<li>The price is 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 $1,665 on the hourly chart of ETH\/USD (data feed via Kraken).<\/li>\n<li>The pair could start a fresh increase unless there is a close above the $1,700 level.<\/li>\n<\/ul>\n<h2>Ethereum Price Faces Key Resistance<\/h2>\n<p>Ethereum\u2019s price extended its decline below the $1,650 support zone. ETH price even spiked below the $1,620 and tested the $1,600 handle, like <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-recovery-fade-26200\/\" target=\"_blank\" rel=\"noopener \">Bitcoin<\/a>.<\/p>\n<p>A low was formed near $1,600 and the price recently started an upside correction. There was a move above the $1,620 and $1,630 levels. The price climbed above the 23.6% Fib retracement level of the downward move from the $1,748 swing high to the $1,600 low.<\/p>\n<p>Ether is still trading below $1,650 and the 100-hourly Simple Moving Average. Besides, there is a <a href=\"https:\/\/wncen.com\/analysis\/eth\/ethereum-faces-rejection-1750\/\" target=\"_blank\" rel=\"noopener \">connecting bearish trend line<\/a> forming with resistance near $1,665 on the hourly chart of ETH\/USD.<\/p>\n<p>On the upside, the price might face resistance near the $1,650 level and the 100 hourly SMA. The next resistance is near the $1,660 level and the trend line. It is close to the 50% Fib retracement level of the downward move from the $1,748 swing high to the $1,600 low.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-549881\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/Ethereum-1.png?resize=1024%2C468\" alt=\"Ethereum Price\" width=\"1024\" height=\"468\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/Ethereum-1.png?w=1835 1835w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/Ethereum-1.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/Ethereum-1.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/Ethereum-1.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/Ethereum-1.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/Ethereum-1.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/Ethereum-1.png?w=1140 1140w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\"><\/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>A close above the $1,665 level might send the price toward the $1,700 zone. To start a fresh increase, Ethereum must settle above the $1,700 pivot level. The next resistance might be near $1,750. Any more gains might send the price toward the $1,800 resistance.<\/p>\n<h2>Another Decline in ETH?<\/h2>\n<p>If Ethereum fails to clear the $1,665 resistance, it could start another decline. Initial support on the downside is near the $1,630 level.<\/p>\n<p>The first key support is close to $1,600. The next major support is near the $1,580 level. If there is a downside break below $1,580, the price could extend its decline toward the $1,540 level. Any more losses might send the price toward the $1,480 level in the near term.<\/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 above the 50 level.<\/p>\n<p>Major Support Level \u2013 $1,600<\/p>\n<p>Major Resistance Level \u2013 $1,665<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum price tested the $1,600 zone and is currently recovering against the US Dollar. ETH is facing many hurdles near $1,650 and $1,670. Ethereum started a recovery wave from the $1,600 support level. The price is trading below $1,650 and the 100-hourly Simple Moving Average. There is a connecting bearish trend line forming with resistance near $1,665 on the hourly chart of ETH\/USD (data feed via Kraken). The pair could start a fresh increase unless there is a close above the $1,700 level. Ethereum Price Faces Key Resistance Ethereum\u2019s price extended its decline below the $1,650 support zone. ETH price even spiked below the $1,620 and tested the $1,600 handle, like Bitcoin. A low was formed near $1,600 and the price recently started an upside correction. There was a move above the $1,620 and $1,630 levels. The price climbed above the 23.6% Fib retracement level of the downward move from the $1,748 swing high to the $1,600 low. Ether is still trading below $1,650 and the 100-hourly Simple Moving Average. Besides, there is a connecting bearish trend line forming with resistance near $1,665 on the hourly chart of ETH\/USD. On the upside, the price might face resistance near the $1,650 level and the 100 hourly SMA. The next resistance is near the $1,660 level and the trend line. It is close to the 50% Fib retracement level of the downward move from the $1,748 swing high to the $1,600 low. Source: ETHUSD on TradingView.com A close above the $1,665 level might send the price toward the $1,700 zone. To start a fresh increase, Ethereum must settle above the $1,700 pivot level. The next resistance might be near $1,750. Any more gains might send the price toward the $1,800 resistance. Another Decline in ETH? If Ethereum fails to clear the $1,665 resistance, it could start another decline. Initial support on the downside is near the $1,630 level. The first key support is close to $1,600. The next major support is near the $1,580 level. If there is a downside break below $1,580, the price could extend its decline toward the $1,540 level. Any more losses might send the price toward the $1,480 level in the near term. Technical Indicators Hourly MACD \u2013 The MACD for ETH\/USD is losing momentum in the bearish zone. Hourly RSI &#8211; The RSI for ETH\/USD is now above the 50 level. Major Support Level \u2013 $1,600 Major Resistance Level \u2013 $1,665<\/p>\n","protected":false},"author":67,"featured_media":529299,"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-549880","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 Bears Hold Strong \u2013 Why ETH Could Resume Downtrend Below $1,600<\/title>\n<meta name=\"description\" content=\"Ethereum price tested the $1,600 zone and is currently recovering against the US Dollar. 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Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis. From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation. As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. 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:\/\/wncen.com\/author\/aayushjindal\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Ethereum Bears Hold Strong \u2013 Why ETH Could Resume Downtrend Below $1,600","url":"http:\/\/wncen.com\/news\/ethereum\/ethereum-bears-strong-1700\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/ethereum\/ethereum-bears-strong-1700\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/iStock-1389493567.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/iStock-1389493567.jpg?fit=1254%2C836"},"articleSection":"Ethereum","author":[{"@type":"Person","name":"Aayush Jindal"}],"creator":["Aayush Jindal"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["eth","ethereum","ethusd","ethusdt"],"dateCreated":"2023-09-04T04:38:55Z","datePublished":"2023-09-04T04:38:55Z","dateModified":"2024-06-11T14:28:57Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Ethereum Bears Hold Strong \\u2013 Why ETH Could Resume Downtrend Below $1,600\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/ethereum-bears-strong-1700\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/ethereum-bears-strong-1700\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/05\\\/iStock-1389493567.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/05\\\/iStock-1389493567.jpg?fit=1254%2C836\"},\"articleSection\":\"Ethereum\",\"author\":[{\"@type\":\"Person\",\"name\":\"Aayush Jindal\"}],\"creator\":[\"Aayush Jindal\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"eth\",\"ethereum\",\"ethusd\",\"ethusdt\"],\"dateCreated\":\"2023-09-04T04:38:55Z\",\"datePublished\":\"2023-09-04T04:38:55Z\",\"dateModified\":\"2024-06-11T14:28:57Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/iStock-1389493567.jpg?fit=1254%2C836","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/549880","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=549880"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/549880\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/529299"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=549880"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=549880"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=549880"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}