Ethereum price rally under question after ETH slams into resistance at $1.6K

Ethereum price rally under question after ETH slams into resistance at $1.6K


Ethereum (ETH) price is struggling to overcome resistance at $1,600 and this is the altcoin’s third attempt since September 2022. Some would say the 33% year-to-date rally could be interpreted as a failed opportunity to breach the $200 billion market capitalization mark. 

Ether/USD price index, 2-day. Source: TradingView

If Ethereum price were to break above $1,600, it would return Ether to a top-60 global tradable asset, surpassing giant multinational companies like Nike (NKE), Novartis (NVS), Cisco (CSCO) and Toyota (TM).

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Unfortunately, at least for bullish traders, derivatives markets are not hinting that Ether will finally break the $1,600 resistance — at least, not until the U.S. Federal Reserve reverses its course of tightening the economy.

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