Ethereum Price Prediction as Bears Push ETH Down to $1,600 Level – More Pain on the Way?

0 2

The cryptocurrency market is experiencing waves of volatility, with Ethereum at the forefront of this turbulence. 

Currently trading at $1,644, Ethereum has seen a 3.72% decline in the last 24 hours, pushing its market cap to approximately $197.67 billion. 

This bearish movement, reflected in its trading volume of $6.4 billion, raises concerns about the potential for more losses. 

As Ethereum holds its position at #2 on the CoinMarketCap ranking with a circulating supply of 120,215,528 ETH coins, the market anxiously awaits its next move.

Ethereum Price Prediction 

Ethereum’s valuation struggled to surpass the $1,750 mark, consequently erasing its gains relative to the greenback. A further downward trend might emerge if ETH breaches the $1,630 threshold. 

Despite attempts, Ethereum could not maintain its footing above $1,700 and subsequently witnessed a significant decline reminiscent of Bitcoin’s trajectory.

A notable dip occurred beneath the $1,660 marker, with the price momentarily plunging under $1,640. After probing the $1,630 support, it’s currently in a phase of loss mitigation. 

Furthermore, an emerging bearish trend line, with a resistance around $1,690, is discernible on the hourly ETH/USD chart.

Subsequent resistances lie around $1,680 and near the trend line at $1,700 – proximate to the 50% Fibonacci retracement of its recent downtrend. 

Should Ethereum surpass $1,700, it could potentially approach $1,750. 

A decisive ascent beyond $1,750 may pave the way for Ethereum to target the $1,800 barrier. Further positive traction could propel it towards the $1,850 mark.

Conversely, if Ethereum is unable to transcend the $1,700 barrier, we might observe a continued descent. 

Immediate support is located around $1,640, with significant supports at $1,630 and $1,600 respectively. 

A drop below the crucial $1,600 benchmark might amplify the decline to $1,540. 

Further descent may push Ethereum closer to the $1,480 mark in the foreseeable future.

Wall Street Memes – The Alternative Coin Worth Considering

Currently, many investors are exploring diverse opportunities within the cryptocurrency realm, and Wall Street Memes has caught their eye. The $WSM presale, representing a meme coin, has stirred considerable excitement among the investment community.

Originating from Wall Street Memes, a renowned online community catering to these enthusiasts, this coin is making waves.

The crypto project by Wall Street Memes commenced its presale on May 26, 2023, accessible through their official portal

During its initial phase of the thirty-stage rollout, the WSM token was offered at a price of $0.025.

The response to the Wall Street Memes presale was overwhelmingly positive, with the first day witnessing a collection exceeding $300,000, eventually amassing a total of $25 million.

Currently, the WSM tokens in this presale phase are available for acquisition at $0.0337.

Seizing this opportunity could pave the way for potential growth. Dive into the Wall Street Memes investment journey and experience a potentially lucrative venture.

Buy $WSM Here

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

Read the full article here

Leave A Reply

Your email address will not be published.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy