Ethereum Risks Further Decline as It Loses the Support at $1,600

Ethereum ETH) Current Statistics
The current price: $1,594.80
Market Capitalization: $191,820,028,075
Trading Volume: $8,949,114,901
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $1,700, $1,500, $1,000

Ethereum (ETH) Price Analysis October 17, 2023
Ethereum’s (ETH) price has recovered from its recent drop but lost the support at $1,600. The largest altcoin rose to a high of $1,656 but failed to retake the critical support level of $1,600.

The bulls broke above the moving average lines during the current surge, but the crypto’s price failed to establish support above the moving average lines. As it encountered harsh rejection at the high of $1,656, Ether fell quickly below the moving average lines.

On the downside, ETH/USD faces another drop to its previous low above the $1,500 support level. Meanwhile, Ether is falling to the downside.

ETH Technical Indicators Reading
The price bars have returned below the moving average lines, causing Ether to fall to previous lows. When the cryptocurrency surged above the moving average lines, the bears triumphed against the bulls. If the price remained above the moving average lines, the bulls could have extended their bullish run.

The crucial support level above $1,600 for Ether has been lost, exacerbating the decline of the cryptocurrency.

Conclusion
On the 4-hour chart, the largest altcoin is trading above the moving average line but loses the support at $1,600. Furthermore, Ether’s upward movement was denied twice, on October 11 and 16, at the $1,640 resistance level.

The coin faces a drop because the latest high is in an overbought market zone. Meanwhile, the price of Ether will range between $1,540 and $1,650.

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