- Ethereum (ETH) faces resistance at $1,600, struggling to break through in the bearish market.
- Ethereum rallies 2.05% in the past 24 hours to $1,603, but retraces slightly to $1,593.
The crypto market is still dominated by bearish trends, with many major assets struggling to hold onto their recent gains. Ethereum (ETH), the largest altcoin, managed to post a small 2.05% rally, but its recovery has been shaky.
ETH opened the day around $1,541, and briefly saw an upward movement, reaching as high as $1,603. However, the price soon retraced, and at the time of writing, Ethereum is trading at $1,593. Despite this slight rally, ETH is still down by almost 12% over the past week.
Ethereum has been struggling to break through its bearish zone, which is limiting the rise of bullish momentum to break key resistance levels, especially $1,600. The current market cap stands at $192.34 billion, and Ethereum’s trading volume has fallen by nearly 39%, now sitting at $12.05 billion.
Ethereum Faces Resistance at $1,600: Bulls Eye Higher Targets Amid Correction
Earlier, Ethereum formed a solid base above $1,440 and pushed through resistance levels at $1,500 and $1,550, even briefly hitting $1,603. However, the price has started to correct, dipping below the 50% Fibonacci retracement of the earlier price surge.
The price is now facing resistance near the $1,600 mark, and any attempts to break through this level could be met with difficulties. If ETH fails to push past this resistance, it could face further declines, with initial support levels around $1,533 and $1,500. A drop below $1,500 could bring the price closer to $1,411 and potentially as low as $1,360.
On the other hand, the 4-hour technical indicators are showing some bullish signs. The MACD is indicating upward momentum, and the Chaikin Money Flow suggests positive buying activity. This could mean that Ethereum still has a chance to regain momentum, with potential resistance levels ahead at $1,620, and even higher targets of $1,850 or $2,000 if the bulls manage to take control.
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Source: https://thenewscrypto.com/eth-struggles-to-hold-gains-as-market-faces-bearish-pressure/
