Ethereum Price Plunges After Rejection, Are Bears Back In Action?

Sep 22, 2023 04:00 am Cryptocurrency 93

Ethereum price gained bearish momentum below $1,620 against the US Dollar. ETH is showing bearish signs and might decline further toward $1,540.

Ethereum declined further below the $1,600 support zone.

The price is trading below $1,620 and the 100-hourly Simple Moving Average.

There are two bearish trend lines forming with resistance near $1,600 and $1,620 on the hourly chart of ETH/USD (data feed via Kraken).

The pair could continue to move down and test the $1,540 support in the short term.

Ethereum Price Takes Hit

Ethereum’s price started a fresh decline from the $1,660 and $1,670 resistance levels. ETH declined below the $1,620 support level to enter a bearish zone and underperformed Bitcoin.

The bears even pushed the price below the $1,600 support and the 100-hourly Simple Moving Average. A low is formed near $1,568 and the price is now attempting a re ..

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