The post Ethereum In Deep Trouble: Will the Prices Slide Below $1600? appeared first on Coinpedia Fintech News
Ethereum’s price appears to be in a hazy state as it is trying to recover the losses incurred over the past few days. Despite the resurgence of the bearish trend, the price remained elevated and bounced off from the lower support. The price could recover nearly 50% of the losses where-in the bears again knocked on the door.
The bullish outlook for the ETH price currently appears misty as it is completely dependent on the ETH price rising beyond the interim resistance at $1674. However, failing in doing so may result in the token beginning with a fine descending trend ahead.
In such a case, the price may drop close to $1600 or may even slide below to reach the target between $1565 to $1551. On the contrary, the flip from the interim resistance may lead the price to rise beyond $1700 to reach beyond $1750.
Considering the technical perspective, the MACD is about to display a bearish crossover in the short term despite an accumulation of bullish volume. Meanwhile, the RSI has displayed a bullish divergence, and hence a short-term reversal may be expected. However, the bulls are fighting back and may keep the price from dropping below the pivotal support at around $1600.
Besides, the dormant whale has become active yet again after 6 years and moved the tokens. The whale initially participated in the ICO of Ethereum in 2016 and has now moved roughly $8.3 million worth of ETH tokens to other addresses.
Overall, the trend of Ethereum remains bearish, but there is the possibility of a short-term bounce in the next few hours.