#Ethereum is currently experiencing a bearish trend, similar to that of Bitcoin. It is facing difficulties in maintaining its position above a crucial level.

The price of Ethereum is currently experiencing a downward trend, falling below $1,600 against the US Dollar. In order to initiate a recovery wave, it is crucial for ETH to remain above the support zone of $1,500. Unfortunately, Ethereum's price was unable to surpass the resistance levels of $1,580 and $1,600, resulting in a high of only $1,571 before beginning a new decline. As a result, the support zone of $1,545 was breached. 

The #price of Ether recently hit a low of $1,523, but the bulls were quick to take action and keep it above the $1,500 level. Currently, it is experiencing a consolidation of losses below $1,550 and the 50 hourly simple moving average. In a positive turn, the Ether price has corrected slightly above the $1,540 resistance zone. However, it is still trading below the 23.6% Fib retracement level of the downward move from the $1,570 swing high to the $1,523 low.

ETH/USD #priceanalysis is currently encountering resistance in the $1,550 range. Additionally, a bearish trend line is forming, connecting with resistance at the same level on the hourly chart. The next significant obstacle is at the $1,580 mark, and if surpassed, the price could potentially experience a substantial increase. The final major resistance lies at the $1,600 threshold, and if the price manages to close above it, a significant upward trend may ensue, potentially leading to a rise towards the $1,650 level.

ETH is currently facing a crucial challenge. It must surpass the $1,560 #resistance level to avoid a potential decline. However, if it fails to do so, it may experience another setback. In the event of a decline, the initial support level is expected to be around $1,520, followed by a major support zone at $1,500. If the price falls below this level, it could plummet towards $1,440, and any further losses may lead to a test of the $1,400 level.

KEY LEVELS :

RESISTANCE LEVEL : $1,560-$1,590

SUPPORT LEVEL : $1,500-$1,460

#coingabbar

After a bearish three-drives reversal pattern, BTC has recently fallen below the neckline, indicating a significantly bearish signal for the short-term outlook. In the daily chart, a potentially deadly rounded top pattern is forming. BTC is currently approaching a significant #support level of $21,000.

#bitcoin prices are currently experiencing their third consecutive week of losses, causing BTC/USD to fall below the $22,000 mark. This decline was further exacerbated by the recent comments made by Fed Chair Jerome Powell, who hinted at the possibility of continued interest rate hikes in the near future. As a result, BTC/USD broke through its previous resistance levels, plummeting to a low of $21,600.

Bitcoin's price has broken through the key $22,000 support level. Bitcoin is exhibiting bearish signals and may fall further in the near term to $20,500 or even $20,000. Bitcoin's price failed to break through the $22,250 barrier zone. BTC bears were aggressive, pushing the price below the $22,000 support level.

The recent market downturn has resulted in significant losses, causing the price of Bitcoin to plummet below $21,800. As a result, a new monthly low of approximately $21,600 has been established, and the price is currently consolidating its losses. At present, BTC is trading below $22,000 and the 21-hourly simple moving average.

According to #Priceanalysis , Bitcoin is facing a crucial challenge in breaking through the $22,000 barrier and trend line. If it fails to do so, it may experience a decline once again. In the event of a decline, there is immediate support available at the $21,500 level. If the price continues to fall, the next significant support level is at $21,200, and if it drops even further, it may reach the $21,000 mark. The next big support level is at $20,500, and any further losses may push the price up to the $20,000 mark.

At the $21,800 mark, BTC experienced a strong #resistance level. However, the next significant barrier level is just around the corner at $22,000. In the hourly chart of the BTC/USD pair, we can see a large negative trend line forming with resistance near $22,050. The primary resistance level is currently at $22,250. If we see a closing over this level, it could signal the start of a solid climb towards the $22,600 resistance zone. Beyond that, the next major resistance level is at $23,000, which could potentially create upward momentum for the price. 

KEY LEVELS :

RESISTANCE LEVEL : $22,100-$22,600

SUPPORT LEVEL : $21,350-$21,000

#coingabbar

1. Identify the trend: Look for a series of Lower Lows 2. Plot the line: Connect two or more significant price points using a straight line tool. 3. Extend the line: Project the line into the future to act as a potential Resistance. 4. Confirm the trend: Look for the price to continue to respect the trend line by testing and staying below it. Note: Trend lines are just a visual representation and are not always accurate, so it's important to use other technical indicators and analysis in conjunction with trend lines. Also, trendline may and may no be prefect to draw, so you've to adjust with experience.

#Binance #crypto2023 #trendtrading #resistance #BTC