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Cryptocurrency

ETH could drop below the $1,600 level as bears take control

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The broader cryptocurrency market has erased the positive factors it collected earlier this week.

The cryptocurrency market is buying and selling within the purple zone for the primary time this week. The costs of most cash and tokens and down by greater than 2% during the last 24 hours.

The overall cryptocurrency market cap at present stands beneath $1.1 trillion after the market misplaced practically 4% of its worth within the final 24 hours.

Bitcoin, the world’s main cryptocurrency, has misplaced greater than 3% of its worth thus far at the moment and has dropped beneath the $23k resistance degree.

Ether stays the second-largest cryptocurrency by market cap, and suffered an enormous loss during the last 24 hours. ETH is down by practically 6% at the moment and at present trades above $1,600 per coin.

The Ethereum bulls can be pressured to defend the $1,500 assist degree over the approaching hours because the ecosystem continues to prepare for the Merge.

Key ranges to look at

The ETH/USD 4-hour chart is at present impartial regardless of Ether recording big losses during the last 24 hours. The technical indicators present that ETH may quickly enter the bearish zone if the present momentum is maintained.

The MACD line is across the impartial zone after spending many of the week within the constructive area. Additional bearish motion may see the MACD line enter the detrimental territory.

The 14-day relative energy index of 47 reveals that ETH may enter the oversold area if the bears stay in cost.

At press time, ETH is buying and selling at $1,697 per coin. If the bearish run continues, ETH may drop beneath the $1,596 assist degree earlier than the tip of the day. Nevertheless, ETH ought to preserve its worth above the $1,500 assist degree within the quick time period.

The bulls would possibly regain management of the market and push ETH in direction of the $1,771 resistance degree over the approaching hours or days. Forward of the Merge, ETH may look to rally in direction of the $2,000 psychological degree within the close to time period.

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through Cointojournal

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