Ethereum Retraces as Bears Breach the $1,600 Low

Ethereum ETH) Current Statistics
The current price: $1,592.99
Market Capitalization: $191,267,876,834
Trading Volume: $4,718,831,782
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $1,700, $1,500, $1,000

Ethereum (ETH) Price Analysis October 9, 2023
The price of Ethereum (ETH) is once again under selling pressure as bears breach the $1,600 low. The altcoin fell to a low of $1,607 before correcting upward. The upward correction was rejected at the $1,660 high. The largest altcoin has now resumed its downward trend as bears broke through the crucial support level of $1,600.

Ether is plummeting as it retraces its recent lows. The price indicator predicts that Ether will fall but turn around at the 1.272 Fibonacci extension level or the $1,570.10 low. The altcoin’s range-bound move will restart if it reaches its previous lows.

ETH Technical Indicators Reading
Ether’s price decreases as they cross below the moving average lines. The selling pressure has persisted since the upward correction was terminated. The decline accelerates when the price bars are below the moving average lines. The altcoin is returning to the oversold portion of the market.

Conclusion
The largest altcoin faces rejection at its $1, 660 high as bears breach the $1,600 low. As of this writing, the cryptocurrency has fallen as low as $1,588. The cryptocurrency is anticipated to drop to its prior lows of $1,570 and $1,532. Buyers will appear at lower price levels to push the coin higher

You can purchase crypto coins here. Buy LBLOCK

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing