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Ethereum Price Analysis: Can $1000 Support Drive ETH Price Higher?

Ethereum (ETH) Slumps Over 20%, Here's Why $1150 Is The Next Low

Published June 19, 2022

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June’s second week-sell off plunged the ETH/USDT pair to a low of $896.1. However, the high demand pressure prevented a daily candle from closing below the $1000 support, resulting in long-tail rejection. Nevertheless, if buyers could sustain above the psychological support, the price may witness a minor relief rally.

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Key points: 

  • The ETH price has been losing for straight eleven weeks
  • The coin chart shows demand pressure near $1000
  • The intraday trading volume in the Ethereum is $27.3 Billion, indicating a 3.2% gain

ETH/USDT ChartSource- Tradingview

From Mid-April to June, the Ethereum(ETH) price slowed its downfall as the broader market witnessed uncertainty among the market participants. Furthermore, The buyers were trying to sustain the price above $1700, which resulted in a minor consolidation.

However, submitting to the last week’s crypto crash, the ETH breached $1700 support on June 10th. The post-retest fall tumbled the altcoin by 41% and sank it to $1000 psychological support. On June 18th, the sellers tried to break this crucial support, but despite being backed by high volume, the daily candlestick reverted with a long-lower price rejection. 

Today with another failed attempt to sustain below the $1000, the ETH price is up 4.5%. Thus, this psychological support indicates high demand pressure and could trigger a minor relief rally. 

The replenished bullish momentum may drive a bullish pullback to $1400 or $1700.

Alternatively, the daily candlestick closing below the $1000 support would invalidate the bullish theory.

Ethereum(ETH) Global In/Out of the Money

ETH- Global In/Out of the Money

Source- intotheblock

The Onchain GIOM metric indicates that 50.3% of Ethereum addresses are witnessing losses while 48.68% of addresses are in profit. This decreases the potential of investors holding their coins amid the bear market.

Moreover, the nearest green cluster suggests the $619 average as a potential demand zone. On the flip side, the two red cluster projects $1163 and $1750 as supply regions.

Technical indicator-

Relative Strength Index- The daily-RSI slope wavering in the oversold region encourages the recovery theory.

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EMAs- The fast-moving 20-day EMA has provided constant resistance to ETH prices since April. A potential recovery needs to surpass this dynamic resistance to carry a genuine rally

  • Resistance level- $1400, and $1700
  • Support levels- $1000 and $800

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From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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