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【f1 stake team】Ethereum (ETH) Price Prediction for April 16
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Bulls lack energy to keep the market growth going, according to CoinStats.
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ETH/USD
Ethereum (ETH) is one of the biggest losers today, going down by 5.36%.
On the hourly chart, the rate of ETH is on its way to the local support of $1,551. If bulls cannot seize the initiative, the level breakout may lead to a test of the $1,500 zone shortly.
On the bigger time frame, the price of the main altcoin is going down after a false breakout of the resistance of $1,689.
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If the candle closes near the daily bar low, there is a chance to see it drop to the $1,450-$1,500 area soon.
From the midterm point of view, one should pay attention to the nearest support of $1,537. At the moment, the picture is bearish as the rate is coming back. If the price fixes below it, the correction is likely to continue to the $1,300 mark.
Ethereum is trading at $1,569 at press time.