Ethereum Price Won’t Go Down Quietly: Key Supports To Watch

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,124,173,725,118	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,124,173,725,118

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-936.69	-1.61%	57,301.04	57,301.03	57,301.04

Price Change

Price Change %

Current Price

Bid Price

Offer

-936.69

-1.61%

57,301.04

57,301.03

57,301.04

High Price	Low Price	Open Price	Prev. Close	52 Week Range
58,526.89	56,903.79	58,384.58	58,237.73	24,750.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

58,526.89

56,903.79

58,384.58

58,237.73

24,750.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	06:41:49	0.000747	57,301.04	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

06:41:49

0.000747

57,301.04

USD

Price x Volume	Volume	Base Symbol	Related Pairs
167,245,433.82	2,909.81	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

167,245,433.82

2,909.81

Ethereum Price Won’t Go Down Quietly: Key Supports To Watch

31/01/2023 5:10am

NEWSBTC

Ethereum started another downside correction below $1,600 against the US Dollar. ETH is trading above $1,550, but it might face resistance near $1,600. Ethereum is correcting gains from the $1,650 and $1,660 levels. The price is now trading below $1,620 and the 100 hourly simple moving average. There was a break below a major bullish trend line with support at $1,575 on the hourly chart of ETH/USD (data feed via Kraken). The pair could attempt a fresh increase if there is a clear move above the $1,600 resistance. Ethereum Price Starts Correction Ethereum price made another attempt to clear the $1,660 resistance zone. However, ETH failed to surpass the $1,660 and started a downside correction, similar to bitcoin. There was a move below the $1,640 and $1,620 support levels. There was also a break below a major bullish trend line with support at $1,575 on the hourly chart of ETH/USD. The pair even spiked below the $1,550 level and traded as low as $1,530. Ether price is now trading below $1,620 and the 100 hourly simple moving average. There was a minor recovery wave above the $1,550 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $1,659 swing high to $1,530 low. An immediate resistance is near the $1,580 level. The next major resistance is near the $1,600 level and the 100 hourly simple moving average. It is close to the 50% Fib retracement level of the downward move from the $1,659 swing high to $1,530 low. Source: ETHUSD on TradingView.com An upside break above the $1,600 resistance zone could start a decent increase. In the stated case, the price may perhaps rise towards the $1,660 resistance. Any more gains might send ether towards the $1,720 level. More Dips in ETH? If ethereum fails to clear the $1,600 resistance, it could continue to move down. An initial support on the downside is near the $1,550 level. The next major support is near the $1,515 level. If there is a break below $1,515, the price might drop towards the $1,450 support. Any more losses might call for a retest of the $1,320 zone in the near term. Technical Indicators Hourly MACD – 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 – $1,515 Major Resistance Level – $1,600

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