Ethereum Price Struggles to Recover Above $1,600 Resistance Against US Dollar
The price of Ethereum, the world’s second-largest cryptocurrency, is struggling to recover above the $1,600 resistance against the US Dollar. According to data feed from Coinbase, the cryptocurrency is now trading below $1,600 and the 55 simple moving average (4-hours).
There is a major bearish trend line forming with resistance near $1,620 on the 4-hours chart, indicating that the pair could recover, but it is likely to face sellers near the $1,600 resistance zone.
This past week, Ethereum struggled to clear the $1,670 resistance zone against the US Dollar. The cryptocurrency attempted a few times to clear the $1,670 level but failed. A swing high was formed near $1,678, and the price started a fresh decline.
There was a drop below the $1,620 and $1,600 support levels, and the pair even spiked below the $1,550 support zone. The price is currently consolidating losses above the $1,550 support level, and it could continue to move down towards the $1,500 support level.
The overall market sentiment for cryptocurrencies has been bearish, with Bitcoin also struggling to break above the $60,000 resistance level. The market is currently experiencing a correction after a strong rally in the past few months.
Investors and traders are closely watching the price movements of Ethereum and other cryptocurrencies, as they try to determine the direction of the market. Some analysts believe that the current correction is healthy for the market, as it allows for a more sustainable growth in the long term.
However, others are concerned about the potential risks and volatility of the cryptocurrency market, and are urging caution when investing in cryptocurrencies.
As always, it is important for investors to do their own research and analysis before making any investment decisions. The cryptocurrency market is highly volatile and unpredictable, and investors should be prepared for potential losses as well as gains.
