ETH price prediction: The price started a bearish movement
ETH price prediction: The price started a bearish movement
After Ethereum's recent rally and attempts to breach the $1,660 level, the price corrected and started a bearish wave from the resistance at $1,660.
After failing to overcome the resistance at $1,660 and $1,670, ETH started a new decline like BTC and traded below the support at $1,630. ETH may see heavy losses if it breaches the support line at $1,600.
Ethereum is currently trading at $1,618.85, down 1.1% overnight.
The price is trading below the $1,640 level and the 100-hour simple moving average. On the hourly ETH/USD chart, an important bearish trend line is forming with resistance at $1,640. In order to break the bearish trend and go up, the pair needs to stay above the $1,600 support level.
After falling below the $1,620 support level, the price remains under pressure, but there is bullish activity near the $1,600 level that will push the Ethereum price higher.
The low is seen at $1,606, and the price is now consolidating losses. ETH has established itself near the 23.6% Fibonacci retracement level of the downtrend in the range of $1,659-1,606.
The key resistance is forming near the $1,660 level.
On the other hand, a close above the $1,660 resistance could take the price to the $1,720 resistance mark.
Despite the generally positive price dynamics of Ethereum in the current year, there is a tendency to reduce the number of investors whose assets exceed 1,000 ETH. Their number, according to Glassnode, fell to a 5-year low of 6,082 wallets.
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