Ethereum could go down to $1600

ETHUSDT

The bulls successfully held Ether's pullback at the 38.2% Fibonacci retracement level of 1,846, but they failed to clear the overhead hurdle at the 20-day EMA (1,913). If the bears strengthen their position further by pulling the price below the 50-day SMA (1,799), the ETH/USDT pair may extend its decline to the 61.8% retracement level of 1,663.

Alternatively, a strong rebound off the 50-day SMA or the 50% retracement level of 1,754 may suggest solid buying at lower levels. If the pair breaks and closes above the 20-day EMA, it may tilt the advantage in favor of the bulls. The pair may then rise to 2,000 and later to 2,200.

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