Ethereum

Resistance

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<ul>
 <li>Ethereum has remained in a bearish trend below the $1,600 resistance area. ETH is still consolidating below the $1,550 support and is showing bearish signs similar to Bitcoin.</li>
 <li>To the upside, the price may encounter resistance near the $1,565 level and the first trendline. The first significant resistance is the second trendline, $1,590, and the hourly 100 Simple Moving Average.</li>
 <li>A drop below the $1,540 support could trigger another strong decline. In that case, the price might fall towards $1,420.</li>
</ul>
<p><strong>Ethereum price fell below the critical $1550 support level: What will happen to ETH price now? Current Ethereum price analysis!</strong></p>
<h2 id="strong-ethereum-price-analysis-october-12-strong"><strong>Ethereum Price Analysis – October 12</strong></h2>
<p><img decoding="async" loading="lazy" class="alignnone size-full wp-image-126575" src="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Ethereum-ETH-4.webp?resize=696%2C392&amp;quality=70&amp;ssl=1" alt="Ethereum-ETH" width="696" height="392" srcset="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Ethereum-ETH-4.webp?w=1280&amp;quality=70&amp;ssl=1 1280w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Ethereum-ETH-4.webp?resize=300%2C169&amp;quality=70&amp;ssl=1 300w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Ethereum-ETH-4.webp?resize=1024%2C576&amp;quality=70&amp;ssl=1 1024w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Ethereum-ETH-4.webp?resize=768%2C432&amp;quality=70&amp;ssl=1 768w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Ethereum-ETH-4.webp?resize=150%2C84&amp;quality=70&amp;ssl=1 150w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Ethereum-ETH-4.webp?resize=696%2C392&amp;quality=70&amp;ssl=1 696w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Ethereum-ETH-4.webp?resize=1068%2C601&amp;quality=70&amp;ssl=1 1068w" sizes="(max-width: 696px) 100vw, 696px" data-recalc-dims="1"></p>
<p>Ethereum has remained in a bearish trend below the $1,600 resistance area. ETH is still consolidating below the $1,550 support and is showing bearish signs similar to Bitcoin. The price recently formed a low near $1,542 and then began a consolidation phase.</p>
<p>The price once rose above the key retracement level of 23.6% Fib from the high of $1,665 to the low of $1,542, but the upward momentum was limited.</p>
<p>Currently, Ethereum is trading below $1,585 and the hourly 100 Simple Moving Average (SMA). Additionally, on the hourly ETH/USD chart, there are two bearish trendlines with resistance around $1,565 and $1,590.</p>
<p>To the upside, the price may encounter resistance near the $1,565 level and the first trendline. The first significant resistance is the second trendline, around $1,590, and the hourly 100 Simple Moving Average. The next resistance is around $1,600, or near the 50% Fib retracement level of the drop from the high of $1,665 to the low of $1,542, which is a key turning point.</p>
<figure id="attachment_129691" aria-describedby="caption-attachment-129691" style="width: 100%" class="wp-caption alignnone"><a href="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/eth-usd-1h.webp?quality=70&amp;ssl=1" rel="noopener noreferrer nofollow"><img decoding="async" loading="lazy" class=" td-modal-image wp-image-129691 size-full" src="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/eth-usd-1h.webp?resize=696%2C266&amp;quality=70&amp;ssl=1" alt="eth-usd-1h" width="696" height="266" srcset="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/eth-usd-1h.webp?w=1257&amp;quality=70&amp;ssl=1 1257w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/eth-usd-1h.webp?resize=300%2C115&amp;quality=70&amp;ssl=1 300w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/eth-usd-1h.webp?resize=1024%2C391&amp;quality=70&amp;ssl=1 1024w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/eth-usd-1h.webp?resize=768%2C293&amp;quality=70&amp;ssl=1 768w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/eth-usd-1h.webp?resize=150%2C57&amp;quality=70&amp;ssl=1 150w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/eth-usd-1h.webp?resize=696%2C266&amp;quality=70&amp;ssl=1 696w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/eth-usd-1h.webp?resize=1068%2C408&amp;quality=70&amp;ssl=1 1068w" sizes="(max-width: 696px) 100vw, 696px" data-recalc-dims="1"></a>
 <figcaption id="caption-attachment-129691" class="wp-caption-text">
  ETH/USD 1 Hour Chart
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</figure>
<p>A clear move above $1,600 resistance could initiate a short-term recovery wave. In this case, Ether might rise towards the $1,665 resistance and further recovery. More gains could potentially open the doors to a $1,750 move.</p>
<h2 id="strong-more-losses-possible-for-eth-strong"><strong>More Losses Possible for ETH?</strong></h2>
<p>If Ethereum cannot surpass the $1,600 resistance, it may continue to move downwards. The first downside support is $1,550.</p>
<p>The next significant support is $1,540. A drop below $1,540 support could trigger another strong decline. In that case, the price might fall towards $1,420. Further losses could potentially send Ether towards $1,350.</p>
<p><strong>Technical Indicators</strong></p>
<ul>
 <li>Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.</li>
 <li>Hourly RSI – The RSI for ETH/USD is currently below the 50 level.</li>
 <li>Key Support Levels – $1,540</li>
 <li>Key Resistance Levels – $1,600</li>
</ul>
<p>The post <a rel="noopener noreferrer nofollow" href="https://en.coinotag.com/critical-support-level-broken-in-ethereum-price-current-eth-price-analysis-for-october-12/">Critical Support Level Broken in Ethereum Price! Current ETH Price Analysis for October 12!</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://en.coinotag.com">COINOTAG NEWS</a>.</p>
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Critical Support Level Broken in Ethereum Price! Current ETH Price Analysis for October 12!

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