Cryptocurrency experts name factors that will cause Ethereum to fall

The leading altcoin Ethereum failed to gain a foothold above the resistance zone at $ 1,665, as the asset began a new decline and retested support at $ 1,550. The low was formed at $ 1,549, and now the price is trying to rise on the wave of recovery. It has moved above the 23.6% Fibonacci retracement level.

As of the morning of October 10, ETH has lost 2.55% of its value and is trading at $ 1,588 with a market capitalization of $ 191 billion. Traders made daily trading deals worth $ 7.2, according to the CoinMarketCap analytical tracker. Ethereum’s market share dropped to 17.8%.

Crypto industry experts explain that Ethereum is currently trading below $ 1,600 and the 100-hour simple moving average. A key bearish trend line is also forming on the hourly chart of ETH/USD with resistance near $ 1,610.

On the other hand, the price may encounter resistance near the $ 1,600 level. The first major resistance is near the trend line at $ 1,610.

The next important resistance level is $ 1,620 or the 100-hour simple moving average, above which the price could rise to the $ 1,665 resistance zone. A close above the $ 1,665 resistance could send ETH to the key resistance at $ 1,750. The next key resistance could be the $ 1,820 level. Any further growth could open the door for the altcoin to move to $ 1,880.

If Ethereum fails to overcome the $ 1,600 resistance, the price will continue to fall. The initial support from the downside is at $ 1,565. The next key support is $ 1,550. A breakdown below $ 1,550 could lead to a new strong decline. In this case, the price could return to the $ 1,465 level. Any further losses could send the price to the $ 1,420 level.

Technical indicators

• Hourly RSI — The RSI for ETH/USD is currently below 50.
• The main support level is $ 1,550
• The main resistance level is $ 1,620