Ethereum

Merge

Resistance

<ul> 
 <li><strong>If it finds support between $1,600 and $1,620, the price may continue to climb.&nbsp;</strong></li> 
 <li><strong>The price of Ethereum has witnessed a sudden spike, breaching the $1600 mark.</strong></li> 
</ul> 
<p>The Merge update to <a href="https://thenewscrypto.com/ethereum-struggles-to-regain-momentum-maintains-1600/" target="_blank" rel="noopener noreferrer nofollow">Ethereum’s</a> core protocol was a watershed point in the cryptocurrency’s history, marking a transition away from the inefficient proof-of-work (PoW) consensus mechanism in favor of the more energy-efficient proof-of-stake (PoS).</p> 
<p>Ethereum’s compliance with the strict criteria imposed by the Office of Foreign Assets Control (<a href="https://thenewscrypto.com/kraken-settles-with-u-s-ofac-over-iran-sanctions-compliance/" target="_blank" rel="noopener noreferrer nofollow">OFAC</a>) has decreased post this change, which was anticipated given the greener future this move promises.</p> 
<p>Moreover, according to IntoTheBlock’s data, the percentage of empty wallets has increased by almost 13% in the last week. This is another warning indication that indicates a large number of people have liquidated their token holdings.</p> 
<h3 class="wp-block-heading" id="h-bulls-take-over">Bulls Take Over</h3> 
<p>The price of Ethereum has witnessed a sudden spike, breaching the $1600 resistance level at the time of writing. If it finds support between $1,600 and $1,620, the price may continue to climb.&nbsp;</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-full"> 
  <img decoding="async" width="660" height="356" src="https://thenewscrypto.com/wp-content/uploads/2023/09/ETH_1D_graph_coinmarketcap-1.png" alt="" class="wp-image-83004" srcset="https://thenewscrypto.com/wp-content/uploads/2023/09/ETH_1D_graph_coinmarketcap-1.png 660w, https://thenewscrypto.com/wp-content/uploads/2023/09/ETH_1D_graph_coinmarketcap-1-300x162.png 300w, https://thenewscrypto.com/wp-content/uploads/2023/09/ETH_1D_graph_coinmarketcap-1-150x81.png 150w" sizes="(max-width: 660px) 100vw, 660px"> 
  <figcaption class="wp-element-caption">
    Source: <a href="http://CoinMarketCap.com" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap</a> 
  </figcaption> 
 </figure> 
</div> 
<p>If ETH manages to break over $1,620, there is a good likelihood that it will continue to rise. Substantial barriers might be expected close to $1,650 and $1,660. The price may begin a respectable ascent towards the $1,720 barrier if the bulls are successful in breaking over the $1,660 level. More growth might pave the way for a price increase all the way till $1,800.</p> 
<p>Ethereum’s price may likely drop if it is unable to break below the $1,620 barrier level. Near the $1,580 mark is where next support could be found. If the price drops below $1,565, it may try to find support around the $1,540 level. There is a risk of a precipitous drop if the bulls can’t hold the $1,540 level.</p>

Ethereum Price Witnesses Sudden Spike; Crosses $1600 Resistance Level

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