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 <p>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.</p>  
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 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
  <p lang="en" dir="ltr">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</p> 
  <p>— Ali (@ali_charts) August 16, 2023</p> 
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 <p>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.</p> 
 <p>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.</p> 
 <h3 id="what-does-ethereum-eth-technical-chart-suggest">What Does Ethereum (ETH) Technical Chart Suggest?</h3>  
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 <p>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.</p> 
 <p>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.</p> 
 <p><img decoding="async" class="aligncenter size-full wp-image-156794" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%201024%20468'%3E%3C/svg%3E" alt="" width="1024" height="468" data-lazy-src="https://cdn.coingape.com/wp-content/uploads/2023/08/17102848/Ethereum-ETH-Price-Action.webp"> 
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 <p>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.</p> 
 <p>On the flip side, Ethereum long-term investors have continued to add more with ETH staking recently hitting a new all-time high.</p> 
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Ethereum Price Could Slip to $1,600 With Bulls Missing in Action

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