Ethereum (ETH) Price Now Heading to $1,600 As It Loses Crucial Support

The world’s second-largest cryptocurrency Ethereum (ETH) has been under selling pressure and is currently trading under $1,800. As of press time, the ETH price is down by 1.67% and is trading at $1,795 levels with a market cap of $215 billion, as the search for liquidity continues.

For now, the next significant support for Ethereum is $1,600 where nearly 2.48 million addresses have acquired a total of 3.8 million ETH.

If #Ethereum falls below the $1,800 mark, the next significant support level is positioned at approximately $1,600. At this level, 2.48 million addresses acquired a total of 3.8 million $ETH. pic.twitter.com/9TP6xi3R5x

— Ali (@ali_charts) August 16, 2023

Over the past few weeks, Ethereum has been failing to break past the $1,850 level which has been a strong resistance for the crypto. It has been staying within the bearish zone and has extended its fall below the $1,820 levels.

The bearish pressure managed to drive the price beneath the $1,800 threshold. It reached a bottom close to $1,778, and currently, there’s a phase of loss consolidation. A recovery upswing brought the price back above the $1,795 level. Presently, it’s trading in proximity to the 23.6% Fibonacci retracement level, calculated from the recent decline starting at the $1,853 peak to the $1,778 bottom.

What Does Ethereum (ETH) Technical Chart Suggest?

Currently, Ether’s trading is positioned beneath $1,830 and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, a connecting trend line with bearish implications is forming, showing resistance around $1,820.

In terms of potential gains, the price could encounter resistance around the $1,815 mark or at the trend line itself. This level aligns closely with the 50% Fibonacci retracement point, calculated from the recent descent that began at the $1,853 peak and ended at the $1,778 low. The subsequent resistance stands near $1,830, which also aligns with the position of the 100-hourly Simple Moving Average.

The initial significant support level rests around the $1,750 range. In case the bulls are unable to uphold the support at $1,750, there’s a possibility of further declines. Following that, a significant support level emerges near $1,720. Should the downward movement continue, there’s a chance that the price might approach the $1,650 level in the short term.

On the flip side, Ethereum long-term investors have continued to add more with ETH staking recently hitting a new all-time high.