Ethereum

<ul> 
 <li><strong>The price of Ethereum recently broke the key support level of $1600.</strong></li> 
 <li><strong>ETH price witnessed a brief surge lately after finding support at $1539 level.</strong></li> 
</ul> 
<p>Glassnode, a blockchain analytics platform, recently reported that just around 53.5% of Ethereum addresses are profitable. The cryptocurrency’s price has dropped by 13.66% over the previous 30 days. Moreover, the price of <a href="https://thenewscrypto.com/ethereum-eth-hits-six-month-low-amid-bearish-trend/" target="_blank" rel="noopener noreferrer nofollow">Ethereum</a> recently broke the key support level of $1600.</p> 
<p>According to Glassnode’s calculations, the last time the percentage of profitable Ethereum addresses fell under 54% was on January 12 this year. In the latter days of 2022 and the first few days of the current year, the proportion dropped even further.</p> 
<h3 class="wp-block-heading" id="h-retail-traders-likely-buying-the-dip">Retail Traders Likely Buying the Dip</h3> 
<p>At the time of writing the price of ETH is $1596 as per data from CMC, up 1.08% in the last 24 hours. The price of ETH witnessed a brief surge lately after finding support at $1539 level. The price is testing the $1620 resistance level at the time of writing. If the price manages to close over $1620, it may go higher towards the next resistance level at $1670.</p> 
<div class="wp-block-image"> 
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  <img decoding="async" width="661" height="356" src="https://thenewscrypto.com/wp-content/uploads/2023/09/ETH_1M_graph_coinmarketcap-1.png" alt="" class="wp-image-82250" srcset="https://thenewscrypto.com/wp-content/uploads/2023/09/ETH_1M_graph_coinmarketcap-1.png 661w, https://thenewscrypto.com/wp-content/uploads/2023/09/ETH_1M_graph_coinmarketcap-1-300x162.png 300w, https://thenewscrypto.com/wp-content/uploads/2023/09/ETH_1M_graph_coinmarketcap-1-150x81.png 150w" sizes="(max-width: 661px) 100vw, 661px"> 
  <figcaption class="wp-element-caption">
    Source: <a href="http://CoinMarketCap.com" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap</a> 
  </figcaption> 
 </figure> 
</div> 
<p>The recent price decline that brought <a href="https://thenewscrypto.com/ethereum-price-breaks-key-support-level-severe-decline-likely/" target="_blank" rel="noopener noreferrer nofollow">ETH</a> all the way till $1539 is supposed to have sparked a purchasing mania. Retail traders likely saw this as a chance to buy assets at rock-bottom prices, and they rushed in to do so.</p> 
<p>On the other hand, Ethereum’s price may drop again if it is unable to break above the $1620 barrier level. The area around $1565 should provide first downward support. Moreover, if the price drops below $1530, it might drop further to the $1500 area. In this scenario, it is possible that the price will further drop below the $1440 mark.</p>

Ethereum Price Witnesses Brief Uptick as Bulls Fight Back

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