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

The broader cryptocurrency market has erased the good points it amassed earlier this week.

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

The whole cryptocurrency market cap at present stands under $1.1 trillion after the market misplaced almost 4% of its worth within the final 24 hours.

Bitcoin, the world’s main cryptocurrency, has misplaced greater than 3% of its worth to date right this moment and has dropped under the $23k resistance degree.

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

The Ethereum bulls could be compelled to defend the $1,500 help degree over the approaching hours because the ecosystem continues to prepare for the Merge.

Key ranges to observe

The ETH/USD 4-hour chart is at present impartial regardless of Ether recording enormous losses over the past 24 hours. The technical indicators present that ETH might quickly enter the bearish zone if the present momentum is maintained.

The MACD line is across the impartial zone after spending a lot of the week within the constructive area. Additional bearish motion might see the MACD line enter the adverse territory.

The 14-day relative energy index of 47 exhibits that ETH might 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 might drop under the $1,596 help degree earlier than the top of the day. Nevertheless, ETH ought to keep its worth above the $1,500 help degree within the brief time period.

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