Ethereum

Bitcoin

Million

Resistance

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>Ethereum crypto price is currently trading at $1704.7 with a drop of -0.04% in the last 24 hours with a current market cap of $204.824 Million.</a> </li> 
 <li> <span>2</span> <a>Ethereum crypto price decreased by -8.17% over the last month.</a> </li> 
</ul> 
<p>The price action of Ethereum showed that selling pressure was noted on the charts and was in a downtrend, forming lower lows over the past few months. Moreover, due to declining trading volume. Furthermore, Ethereum showed a decline in user activity which also reacted as a negative sentiment for the crypto and led to bearishness in the charts.</p> 
<h2 class="wp-block-heading" id="strong-latest-update-robinhood-and-ethereum-strong"><strong>Latest Update: Robinhood and Ethereum</strong></h2> 
<p>Robinhood Wallet increased its offerings to popular cryptocurrencies like Bitcoin and Ethereum. The strategy successfully attracted thousands of new users across 140 countries. The platform also gives new updates regarding the sending and receiving of Bitcoin and other currencies. Moreover, Robinhood Wallet’s jump into the sector of decentralized finance (DeFi) will done with the help of the Ethereum network. However, in the beginning, users can only swap 200 tokens.&nbsp;</p> 
<h2 class="wp-block-heading" id="strong-what-charts-tell-about-eth-strong"><strong>What Charts Tell About ETH?</strong></h2> 
<p>The ongoing trend favors bears, and the crypto was also in a corrective phase, which made buyers cautious. Moreover, Ethereum trades below the significant moving averages and tries to attain the 50-day EMA to hold the gains.</p> 
<p>At the time of writing, the Ethereum price is trading at $1704.8, showing a bounce from the lower trendline near the support mark of $1600.00. Moreover, the intraday trading volume decreased by 61.70% to $4.5 Million and the market cap is $204.908 Million.</p> 
<p>ETH has had a good performance over the years. Year-to-date it gave positive returns of 42.61% and 8.59% in the span of 6 months. In the last 1 month, it gave a negative return of -8.59% and 1.48% in the last seven days indicating fluctuations in price in recent times.</p> 
<h2 class="wp-block-heading" id="strong-technical-analysis-of-ethereum-crypto-price-in-1-d-timeframe-strong"><strong>Technical Analysis of Ethereum Crypto Price in 1-D Timeframe</strong></h2> 
<div class="wp-block-image"> 
 <figure class="aligncenter">
  <img decoding="async" src="https://lh4.googleusercontent.com/2Yq6HdKMpy2QboAofl8C5RVTvZwB1Hg6GXiQewCRfDqpg377qDK49zl1wdFrS9cv4aJwYpP6xrwQjf_JlTbHnDkjLD8-l7v5KECNRGPQhOQNgBbjs3-rcucDMU65XJu9eJpAIt6COV2C6XcwE36A5l4" alt="Ethereum Price Prediction: Will ETH Break Below $2600 Level?">
  <figcaption class="wp-element-caption">
   Source: Ethereum.1D.USD by TradingView
  </figcaption>
 </figure>
</div> 
<p>At the time of publishing, Ethereum crypto (ETH) is trading below the 50 and 200-day SMAs (Simple moving averages), which does not support the price trend.&nbsp;</p> 
<p>The current value of RSI is 44.66 points. The 14 SMA is above the median line at 31.73 points which indicates that the Ethereum crypto is bearish.</p> 
<p>The MACD line at -36.8 and the signal line at -44.9 are above the zero line. A bearish crossover is observed in the MACD indicator which signals more bearishness for the ETH crypto price.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter">
  <img decoding="async" src="https://lh5.googleusercontent.com/LHX6pwDOQMb7IzjjV5DKmK02LVVpve1h2BNVNy446afw3iyQHVt4-e17WcM_q9-vHNXQVpndAoyFCFdHspTAfS4UTOIo3AKZmzu0ap1SdPbximYMM6TwkhCg0LqZF0OtpJlnFeyanRhcgI9CAgmdZnU" alt="Ethereum Price Prediction: Will ETH Break Below $2600 Level?">
  <figcaption class="wp-element-caption">
   Source: Ethereum.4H.USD by TradingView
  </figcaption>
 </figure>
</div> 
<p>On the 4-hour chart, the<a href="https://www.thecoinrepublic.com/2023/08/27/news-us-former-president-trump-holds-2-8m-in-ethereum-wallet/"> Ethereum price</a> is stuck in a narrow range and does not signal an upcoming rise because of low volume levels. Moreover, a key indicator is still in the neutral range and does not signal bullishness.&nbsp;</p> 
<p>The RSI curve is near 59, in the neutral range, and showed a narrow consolidation move on the short-term charts. The MACD indicator still showed green bars on the histogram with a bullish crossover but did not signal any substantial upswing.</p> 
<h4 class="wp-block-heading"><strong>Summary</strong></h4> 
<p>Ethereum (ETH) technical oscillators also support the bearish trend. The MACD, RSI, and EMA are emphasizing negative signs and imply that the downtrend may continue in the ETH crypto price. Ethereum price action suggests that the investors and traders are bearish on the 1-D time frame. The price action reflects a bearish perspective at the moment.</p> 
<h4 class="wp-block-heading"><strong>Technical Levels</strong></h4> 
<ul> 
 <li><strong>Support Levels:</strong> The most immediate support levels for the Ethereum crypto price are $1702.9 and $1501.3.</li> 
 <li><strong>Resistance Levels:</strong> The most immediate resistance levels for the ETH are $1981.2 and $2106.1.</li> 
</ul> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>The analysis provided in this article is for informational and educational purposes only. Do not rely on this information as financial, investment, or trading advice. Investing and trading in crypto involves risk. Please assess your situation and risk tolerance before making any investment decisions.</p>

Ethereum Price Prediction: Will ETH Break Below $1600 Level?

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