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Ethereum price started a fresh decline below the $1,620 zone. ETH is now consolidating and might attempt to recover above the $1,620 resistance.

• Ethereum started a fresh decline below the $1,620 and $1,600 levels.
• The price is trading below $1,620 and the 100-hourly Simple Moving Average.
• There was a break above a connecting bearish trend line with resistance at $1,590 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a fresh increase if it clears the $1,615 resistance zone.

Ethereum Price Faces Hurdles

Ethereum price struggled to continue higher above $1,690 and started a fresh decline, like Bitcoin. ETH declined below the $1,600 and $1,580 support levels. It even spiked below $1,550.

A low was formed at $1,538 and the price is now attempting a recovery wave. There was a move above the $1,580 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $1,690 swing high to the $1,538 low.

Besides, there was a break above a connecting bearish trend line with resistance at $1,590 on the hourly chart of ETH/USD. Ethereum price is now trading below $1,620 and the 100-hourly Simple Moving Average.

On the upside, the price seems to be facing hurdles near the $1,600 level. The next key resistance is near the $1,615 level or the 50% Fib retracement level of the downward move from the $1,690 swing high to the $1,538 low. The first major resistance is near the $1,655 level.

A clear move above the $1,655 resistance might send the price toward the $1,700 resistance. An upside break above the $1,700 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $1,750 resistance zone or even $1,800 in the near term.

Another Drop In ETH?

If Ethereum fails to clear the $1,615 resistance, it could start another decline. Initial support on the downside is near the $1,5750 level. The first major support sits near the $1,540 zone.

A clear move below the $1,540 support might push the price toward the $1,480 support. Any more losses might send the price toward the $1,420 support level in the near term. The next key support sits at $1,400.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 zone.

Major Support Level – $1,540

Major Resistance Level – $1,655

Sui meme coins, not typically seen at the forefront of the sector, are surging in volume recently. Their market cap is far smaller than Solana meme coins, but it’s also growing fast.

LOFI, a meme coin deployed on the blockchain, surged by over 186% in a week. If fresh DEX trading volumes start flowing into these assets, Sui could be the next emerging ecosystem for meme coins.

Are Sui Meme Coins About to Explode?

Meme coins based on Solana have been getting a lot of attention lately, with surging trade volumes and token prices. This has fueled speculation that Solana’s poised to lead a new meme coin boom, especially as the sector is exposed to new risks.

However, Sui meme coins are gaining some unexpected traction, and DEX volumes are noticeably soaring.

Sui is a high-performance Layer-1 blockchain that shares many similarities with Solana but several key differences.

Its design focuses on scalability, using parallel transaction processing and an object-centric transaction model to achieve this aim. Sui’s ecosystem is much less mature than Solana’s, but this could present opportunities for meme coins.

Sui’s developers are constantly working on upgrades to encourage new projects, some of which are explicitly geared towards meme coins. Solana’s 6.3 billion meme coin market cap grew by 2.4% in the previous 24 hours, while Sui’s increased by 4.6%.

LOFI grew 184.5% in the last week, highlighting its dedicated community.

LOFI’s impressive rise stands out, but several other projects on the layer-1 network have also attracted speculative interest. Meme coins thrive on community hype, and the blockchain’s DEX volumes are soaring.

If this high performance and committed enthusiasm connect with fresh investors, it could present an explosive opportunity.

For now, Sui’s meme coin ecosystem has a ways to go, with a total market cap of $123 million. However, this sector moves fast, and the Sui ecosystem could be poised to make some major growth soon, if meme coin enthusiasts continue to trade.