NewsBTC7 minutes ago

Published on September 26, 2023 03:27 GMT+00:00edited on September 26, 2023 03:31 GMT+00:00

Ethereum price is attempting a recovery wave from $1,565 against the US Dollar. ETH could struggle to recover above $1,600 and might resume its decline.

• Ethereum is slowly moving higher toward the $1,600 resistance zone.
• The price is trading below $1,600 and the 100-hourly Simple Moving Average.
• There is a major bearish trend line forming with resistance near $1,595 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a fresh decline if it fails to clear the $1,600 resistance zone.

Ethereum Price Struggles Below $1,600

Ethereum’s price started a fresh decline below the $1,620 and $1,600 levels. ETH even declined to a new weekly low below the $1,580 level, unlike Bitcoin.

It traded as low as $1,565 and recently started a short-term upside correction. …