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Published on September 11, 2023 04:21 GMT+00:00edited on September 11, 2023 04:24 GMT+00:00

Ethereum price failed to settle above $1,650 and trimmed gains against the US Dollar. ETH is now trading in a bearish zone and could decline heavily.

• Ethereum peaked near $1,670 and started a fresh decline.
• The price is trading below $1,650 and the 100-hourly Simple Moving Average.
• There is a key bearish trend line forming with resistance near $1,620 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could gain bearish momentum if there is a close below $1,600 and $1,580.

Ethereum Price Turns Red

Ethereum’s price attempted a fresh increase above the $1,620 pivot level. ETH even broke the $1,650 resistance but the bears were active near the $1,670 level.

As a result, the price failed to continue higher and started a fresh decline below $1,650, like Bitcoin. …