Cryptocurrency analysts report Ethereum (ETH) price holding above $1,600 support level
The Ethereum price has managed to stay above the support level of $1,600 after bouncing back from a low of $1,517. Despite the bears’ attempt to push the price down, there is a significant amount of buying activity at the current support level, suggesting a potential uptrend.
- Ethereum is currently fluctuating around the $1,600 support, indicating bearish exhaustion.
- If the current support holds, Ether is expected to resume its uptrend.
- Ethereum is oversold, with a Relative Strength Index of 19, and the price bars are below the moving average lines, indicating a downtrend.
- The daily stochastic value is at 40, showing bullish momentum.
- Key resistance levels for Ethereum are $1,800 and $2,000, while key support levels are $1,600 and $1,400.
What’s next for Ethereum?
Ethereum is currently in a downtrend but has found support above $1,517. Buyers are attempting to push the price back above $1,600 and resume the uptrend. However, if the bears manage to break the current support, Ether could fall to $1,517.
As of August 16, Ethereum was trading between $1,800 and $1,900, below the moving average lines but above the support level of $1,800.
Hot Take: Ethereum’s ability to hold above the $1,600 support level is crucial for its potential uptrend. It remains to be seen whether the bears can break this support or if the buyers will prevail and push the price higher. Keep a close eye on Ethereum’s price movement in the coming days.
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