Ethereum

Time

<ul> 
 <li><strong>Ethereum’s price struggles to recover from $1,650 and break the $1,670 resistance.</strong></li> 
 <li><strong>ETH current price stands at $1,620, a 1.5% decrease in the last 24 hours and 3% over the week.</strong></li> 
</ul> 
<p>In the midst of volatile investor sentiment, Ethereum’s technical landscape presents a series of hurdles, including potential trend reversals and critical resistance-support tests. The cryptocurrency recently made an effort to recover from the $1,690 zone, managing to surpass the $1,720 resistance level. However, much like Bitcoin, its <a href="https://thenewscrypto.com/vaneck-allocates-10-of-ether-etf-profits-to-ethereum-developers/" target="_blank" rel="noreferrer noopener">upward momentum</a> faced limitations.</p> 
<h2 class="wp-block-heading" id="h-ethereum-eth-experiences-sharp-decline">Ethereum (ETH) Experiences Sharp Decline</h2> 
<p>Ethereum encountered difficulty <a href="https://thenewscrypto.com/ethereum-eth-price-prediction" target="_blank" rel="noreferrer noopener">gaining momentum</a> beyond the $1,670 resistance level, resulting in a peak around $1,648, followed by a subsequent downturn. The price dropped below the $1,620 support level, briefly flirting with the $1,600 mark earlier. Ultimately, it found a bottom at $1,610 and is currently consolidating these losses.</p> 
<p>Currently, Ethereum finds itself trading below $1,650 and the 100-hourly Simple Moving Average. Moreover, a significant bearish trend line is taking shape with resistance at around $1,630 on the hourly chart of ETH/USD.</p> 
<p>If the prevailing trend persists, there is a possibility of Ethereum’s price declining further to $1,608 or even plunging to $1,521. To instigate a sustainable recovery, Ethereum must establish a foothold above the $1,650 and $1,750 levels. If a bullish trend materializes, ETH might scale up to $1,975, with further gains potentially opening the doors for a move toward $2,095. On the other hand, Ethereum’s current condition is marked by an oversold status with a reading of 49.43, indicating a possible rebound or correction.&nbsp;</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large">
  <img decoding="async" width="1024" height="529" src="https://thenewscrypto.com/wp-content/uploads/2023/10/Ethereum-1024x529.png" alt="" class="wp-image-83431" srcset="https://thenewscrypto.com/wp-content/uploads/2023/10/Ethereum-1024x529.png 1024w, https://thenewscrypto.com/wp-content/uploads/2023/10/Ethereum-300x155.png 300w, https://thenewscrypto.com/wp-content/uploads/2023/10/Ethereum-768x396.png 768w, https://thenewscrypto.com/wp-content/uploads/2023/10/Ethereum-150x77.png 150w, https://thenewscrypto.com/wp-content/uploads/2023/10/Ethereum.png 1298w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   <em>Ethereum (ETH) Price Chart (Source: TradingView)</em>
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<p>At the time of writing, Ethereum is trading at $1,620, marking a 1.5% decline in the past 24 hours and a 3% decrease over the week. Nevertheless, there is a silver lining, as the daily trading volume of Ethereum has witnessed a modest uptick of 14% in the last 24 hours, reaching $5.1 billion.</p> 
<p>However, the Ethereum blockchain has recently witnessed a notable decrease in <a href="https://thenewscrypto.com/ethereum-succumbs-to-selling-pressure-as-bears-maintain-control/" target="_blank" rel="noreferrer noopener">transaction fees</a>. According to on-chain analytics firm Santiment, gas fees have dropped to levels not seen in nearly a year. The average cost of settling transactions over the past week hovering at just $1.13. This marks a significant reduction from the peak fees witnessed earlier in May.</p>

Ethereum Nears $1,650 Resistance. Time to Long or Short?

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