Ethereum Falls below $1,600 as Bears Seize Control

Ethereum Price Long-Term Analysis: Bearish
The price of Ethereum (ETH) achieves bullish exhaustion as bears seize control. Since September 15, buyers have worked hard to hold the price above the 21-day simple moving average but failed. If buyers are successful, the altcoin will rise above the moving average lines. The bullish trend will continue until the high of $1,800.

However, the bullish scenario was shattered when Ether was repelled at a high of $1,671. The value of cryptocurrency is currently declining. The market would crash and retrace previous lows if the bears break through the crucial support level of $1,600. ETH/USD can drop below the previous low of $1,532 or $1,517 if selling pressure picks up again. At the time of writing, the altcoin has plummeted to a low of $1,588.

Technical indicators:
Major Resistance Levels – $2, 600, $2,800, $3,000
Major Support Levels – $1.600, $1, 400, $1,200

Ethereum Indicator Analysis
Ether is falling as it crosses the Relative Strength Index level 39 for period 14. The cryptocurrency is falling due to rejection in the bearish trend zone. Furthermore, price bars below the moving average lines indicate a crypto fall. The largest altcoin has currently gone below level 20 of the daily Stochastic. Ether has reached the market’s oversold zone.

Conclusion
The largest altcoin has dropped below the critical support level of $1,600 as bears seize control. If the bearish momentum continues below the present support, the cryptocurrency will fall even more. The cryptocurrency is dropping as the bears gain control.

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