logo

Ethereum Price Prediction: ETH still below $1600

Ethereum

TL;DR Breakdown

  • Ethereum’s price is still fluctuating between $1,500 and $1,600.
  • The crypto asset has seen its value drop in recent times due to the increased selling pressure on the asset.

Yesterday wasn’t particularly great for Ethereum as its value dropped by 5.34 percent. This is a direct reverse of the almost equivalent 5.31 percent it garnered a day before, Tuesday. The crypto asset finished yesterday with a market price of around $1,567.

Ethereum Price Prediction: ETH still below $1600 1
Source: Tradingview

In recent times, the second largest crypto asset by market cap has had its value fluctuate, with the most recent being the intraday-low of $1,476.72. At this point, Ethereum‘s price started to rally again. It made a move towards reaching the first major resistance of the day which is at $1,478 before rallying to an immediate $1,657 mid-day high. 

The first-major-resistance was let in at $1,578 and approached a second-major-resistance of about $1,668. This morning, ETH also crossed the boundaries of 23.6% FIB of $1,579 which is further away from the $1,700 high. This has led to a decline in the first-major-resistance as well as the FIB by 23.6% to sub-$1,570.

As of press time, ETH has dropped by1.80% pushing it back to $1,539, which shows the continuation of the bearish market.

Ethereum’s price movement in the last 6 Hours

Ethereum had suddenly dropped back in the last 6 hours, failing to cross the pivot level of $1,568 to create a significant backup for a first-major-resistance at $1,658. 

Ethereum Price Prediction: ETH still below $1600 2
Source: Tradingview

There is also a need for ETH to garner support from other markets if it wants to cross the 23.6% FIB barrier. ETH could make another breakout, and its resistance could be tested at as high as $1,800. The second-major-resistance-level could settle at $1,749.

As seen in the chart above, ETH price has been fluctuating along the price levels of $1,580 to $1,560. It maintains a 23.6% FIB along the $1,568 pivot searching for a first-major-support. With a -1.40% change within the last 24hours, the bearish market could give room for the bulls soon.

Conclusion 

While the market is still currently bearish, and with the value of the asset still fluctuating around the $1,500 level, it could take some time before we witness the asset breakout of the $1,600 level. 

However, all of this could change if the selling pressure on the asset were to drop and more investors enter the market.

Bruno Johnson

Bruno Johnson

Bruno loves the crypto industry. He is a believer in the transformative power Bitcoin and Blockchain industry holds. He is interested in sharing knowledge and ideas. When he is not writing, he is looking to meet new people and trying out new things.

Related News

Hot Stories

ChainLink price analysis: LINK shows consistent dynamics at $9.2
Aave price analysis: Bullish trend marks price movement above $112
Solana price analysis: SOL price overtops $47 as bulls gain strength
Uniswap price analysis: UNI settles after failing to break over $10 resistance
Bitcoin, Ethereum, Polygon, and Shiba Inu Daily Price Analyses – 13 August Roundup

Follow Us

Industry News

Vauld fights back after ED freezes its $46M assets
UnionBank launches in-app crypto exchange
Huobi`s crypto mogul seeks to sell his stake for $3B
Are gaming NFTs dead?
MakerDAO is “seriously” considering moving away from USD