Ethereum

Bitcoin

Resistance

The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/altcoin/why-staying-above-1600-is-a-bullish-indicator-for-ethereum-heres-the-next-resistance-for-eth-price/">Why Staying Above $1,600 Is A Bullish Indicator For Ethereum: Here’s The Next Resistance For ETH Price</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a> 
As Bitcoin price faces challenges, Ethereum stands out with its ongoing recovery rally, encountering minimal obstacles. Additionally, the U.S. Bureau of Labor Statistics’ August CPI data revealed a 3.7% year-on-year inflation rate, inducing volatility for BTC around the $26K mark. In contrast, Ethereum <a href="https://coinpedia.org/news/how-did-bitcoin-and-ethereum-react-to-the-cpi-report/" rel="noopener noreferrer nofollow">remains largely stable</a>, backed by a growing buying interest among investors. 
<h2 id="1073k-eth-left-exchanges" data-name="1073k-eth-left-exchanges" class="wp-block-heading">1073K ETH Left Exchanges</h2> 
Recent data from IntoTheBlock has uncovered a surprising development: a staggering 1073000 ETH ($1.7 billion) has been withdrawn from exchanges. This significant outflow of Ethereum is unexpected, particularly in light of the altcoin’s recent market trend. 
The massive withdrawal may signal a bullish outlook, suggesting that investors are accumulating Ethereum for long-term holding. However, it’s important to acknowledge that Ethereum’s historical performance has been bearish, casting some doubt on the accumulation hypothesis, though not entirely dismissing it. Investors could be seizing this as a favorable opportunity to acquire <a href="https://coinpedia.org/news/ethereums-wash-trading-saga-2-billion-in-manipulated-trades/" rel="noopener noreferrer nofollow">Ethereum</a> at a more affordable rate.&nbsp; 
<figure class="wp-block-image"> 
 <img decoding="async" src="https://lh5.googleusercontent.com/p3eQ4MBtr_ifKnZhhl0lPtRbYFhgxm9XcfnYeY0QW76GFoWfBdYe2yfmnO0EzHywXxAdIN-m9dWe_s_78joTzkuCriOilPQxvmTRoHL7o583bn2v0EZczhCRgGxsxGAk3Hr_EU2QEvLFxgrc3ZN5Zng" alt=""> 
</figure> 
According to options data, there’s been a notable uptick in call options in the $1,600-$1,625 price range. Yet, with a put/call ratio of 0.99, it appears that bearish traders are also hedging for a potential drop to $1,500. The total open interest stands at 15,130, with a notional value of $24.3 million. 
<figure class="wp-block-image"> 
 <img decoding="async" src="https://lh4.googleusercontent.com/8wxvAq5qBaJiyMPSL7UGsj37fs6VsCnXhQSIkyEBpmq_ElfongJzpYePyfMp9VGJUZlNMEYbZ_L70SNeaAPFKDCwV16TS3wha9uuO4ebN5LbcK4MUMi-BkNhFpD9J5el8QZB5fGirByhwb-6soocRYQ" alt=""> 
</figure> 
If Ethereum successfully holds its ground within the so-called “max pain” range of $1,600-$1,625, we could anticipate more upward trajectory in the days to come. Examining the past week’s trade breakdown, call holders seem to have the upper hand, suggesting a bullish trend. In the last seven days, 34.5% of positions were in call options, while put options accounted for nearly half that number at just 18.3%. 
This data points to a generally bullish mood among traders and large investors as Ethereum sustains its price above the $1,600 level. 
<h2 id="whats-next-for-eth-price" data-name="whats-next-for-eth-price" class="wp-block-heading">What’s Next For ETH Price?</h2> 
Ethereum has shown a solid recovery over the last few hours as bulls try to hold momentum above $1,600 to escape the fear zone. However, bears are attempting to reverse the trend near the EMA50 trend line. As of writing, ETH price trades at $1,601, surging over 0.53% from yesterday’s rate.&nbsp; 
<figure class="wp-block-image"> 
 <img decoding="async" src="https://lh3.googleusercontent.com/gmtNn1lJCL6zgnU3i8XY-DUNf9_LqhCtDVkX1zP542tduANQWaHHdWnElO5X_mnojatrOE81Dsuo8xXV6IHHn5r9sols4tENLdrApyqLfDiIOy7maODnnBiew6OvHOApG28W9Y-WJpEg23IClj0cg48" alt=""> 
</figure> 
The inability of bullish traders to surpass the resistance of the 50-day EMA heightens the possibility of a downward slide. If the price falls below the immediate support of $1,576, the ETH price may revisit a low of $1,530. Investors are likely to buy aggressively at this dip, as a breach of this support could result in a sharp drop to $1,460. 
To defend a potential decline, bulls must first push the price above the trend line and then aim for a surge towards the 200-day EMA at $1,678. Achieving this could stabilize the price within a bullish region, creating possibilities of a further surge toward $1,850.&nbsp;

Why Staying Above $1,600 Is A Bullish Indicator For Ethereum: Here’s The Next Resistance For ETH Price

Table of Contents

CoinPedia News

Other articles published on Sep 13, 2023

Inflation War is 'Pretty Much Won' Says Economist Paul Krugman

Binance US CEO leaves as company lays off third of its staff

PayButton is Here: Making eCash Payments Simple and Easy

Bitcoin (BTC) Price Prediction: BTC Near $25k, Time To Go Long?

XRP Heist: CoinEx Allegedly Hit by North Korean Hackers, Recent Report Shows

Ethereum Price Prediction as $10 Billion Trading Volume Comes In – Can ETH Reach $10,000?

Join our free newsletter for daily crypto updates!