Newsletter: Ethereum Coin Losses $1500 Support Amid Market Sell-off; What’s Next?
ETH Price Prediction: the crypto market started the second week on a bearish note and hints the ongoing correction in the majority of major crypto coins will continue. As a result, the Ethereum price plunged lower and breached the psychological support of $1500. Is there still hope for ETH to continue its bullish rally?
Key Points:
- The falling channel pattern is governing the current correction phase in Ethereum
- The 20 EMA acts as a dynamic resistance in the 4-hour time frame chart.
- The intraday trading volume in Ether is $5.08 billion, indicating an 0.1% loss.
Source- Tradingview
The last three weeks of the correction phase in the Ethereum coin price have recorded a 12.6% loss from the peak of $1720. This steady downfall is carried by two downsloping trend lines which indicate the formation of a falling channel pattern.
Until this pattern is intact, this bearish downfall will prolong and may plunge the Ethereum price to even lower levels of the chart. However, today the Ethereum price shows a 2.8% intraday loss and tries to breach even the support trendline of this pattern. In a falling channel, a bearish breakdown from the support trendline is a sign of aggressive selling pressure.
Also Read: Top 10 Carbon Negative Cryptos For 2023
This breakdown will further intensify the bearish momentum and may tumble the ETH price down to a lower support trendline of the megaphone pattern near the $1420 mark.
The megaphone pattern is carrying the short-term sideway trendline in Ethereum and could prevent excessive downfall until the lower support trendline is intact.
Technical Indicator
EMAs: A bearish crossover between the 100 and 200 EMA could trigger more selling pressure in the market.
MACD: the increasing gap when the MACD(blue) line is below the signal(orange) line indicates the increasing bearish in the Ethereum price.
Ethereum Coin Price Intraday Levels-
- Spot rate: $1500
- Trend: Bearish
- Volatility: Medium
- Resistance level- $1580 and $1720
- Support level- $1500 and $1400
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