Ethereum

<ul> 
 <li><strong>Ethereum’s recent decline below key support levels at $1,600 and $1,580 signals increased selling pressure.</strong></li> 
 <li><strong>Ethereum price soared over 1.26% in the last 24 hours.</strong></li> 
</ul> 
<p>Ethereum (ETH), the second-largest cryptocurrency by market capitalization, continues to grapple with bearish pressure as it strives to regain lost ground. On September 21, 2023, ETH initiated a fresh downward trend, sliding below key support levels and reaching a weekly low beneath $1,580. While the digital asset has since attempted a <a href="https://thenewscrypto.com/grayscale-resubmits-ethereum-etf-while-eth-remains-unaffected/" target="_blank" rel="noopener noreferrer nofollow">short-term recovery</a>, the path to redemption remains fraught with challenges.</p> 
<p>ETH experienced a notable dip, plunging as low as $1,565 before showing signs of a modest rebound. This upward correction managed to lift the price above the $1,590 mark, but the bears have proven resilient around the $1,600 resistance threshold. Adding to the pressure, Ethereum’s 200-day Moving Average (MA) currently stands above its 50-day MA, indicating a bearish trend sentiment.</p> 
<h2 class="wp-block-heading" id="h-is-ethereum-eth-set-to-enter-a-bullish-zone">Is Ethereum (ETH) Set to Enter a Bullish Zone?</h2> 
<p>The $1,600 level represents a critical juncture for Ethereum. A successful breakthrough could pave the way for a push towards $1,620, reigniting optimism among bulls. If they manage to conquer this hurdle, the path towards $1,650 and even $1,700 may open up, potentially triggering a <a href="https://thenewscrypto.com/ethereum-bears-are-gaining-momentum-heres-why/" rel="noopener noreferrer nofollow">bullis</a><a href="https://thenewscrypto.com/ethereum-bears-are-gaining-momentum-heres-why/" target="_blank" rel="noopener noreferrer nofollow">h</a><a href="https://thenewscrypto.com/ethereum-bears-are-gaining-momentum-heres-why/" rel="noopener noreferrer nofollow"> rally</a>.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large"> 
  <img decoding="async" width="1024" height="521" src="https://thenewscrypto.com/wp-content/uploads/2023/09/ETH-1024x521.png" alt="" class="wp-image-82939" srcset="https://thenewscrypto.com/wp-content/uploads/2023/09/ETH-1024x521.png 1024w, https://thenewscrypto.com/wp-content/uploads/2023/09/ETH-300x153.png 300w, https://thenewscrypto.com/wp-content/uploads/2023/09/ETH-768x390.png 768w, https://thenewscrypto.com/wp-content/uploads/2023/09/ETH-150x76.png 150w, https://thenewscrypto.com/wp-content/uploads/2023/09/ETH.png 1306w" sizes="(max-width: 1024px) 100vw, 1024px"> 
  <figcaption class="wp-element-caption"> <em>Ethereum (ETH) Price Chart (Source: TradingView)</em> 
  </figcaption> 
 </figure> 
</div> 
<p>However, the Ethereum price remains uncertain, with the $1,600 resistance proving to be a formidable obstacle. Failure to breach this level may trigger another descent for ETH. Initial support is anticipated at the $1,580 level, but a breach of this could see Ethereum testing the $1,565 support, followed by a critical test at $1,540. A breakdown beneath $1,540 could usher in a more pronounced <a href="https://thenewscrypto.com/ethereum-eth-price-tumbles-as-bearish-sentiment-looms/" target="_blank" rel="noopener noreferrer nofollow">bearish phase</a>, casting doubts on Ethereum’s short-term prospects.</p> 
<p>At the time of writing, ETH traded in the $1,595 range, marking a 1.26% price increase over the past 24 hours.</p>

Ethereum Struggles to Regain Momentum; Maintains $1600

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