Ethereum price analysis: Will ETH Price Break Under $1000?
The Ethereum(ETH) price is highly affected by the sell-off observed over the global market as it has fallen 34% over the past week. The death spiral tumbles the market value to under the $1300 mark and approaches the upcoming support at $1000, Will Ethereum’s market price dive under $1000, or is a bullish reversal possible?
Key points:
- The ETH price nosedive below the $1300 mark.
- The selling pressure grows over the weekend, which fuels the downtrend.
- The intraday trading volume in Ethereum is $44 Billion, indicating a 92% gain.
Source- Tradingview
The April-May downfall in ETH/USDT pair took a breather near the $1800 mark. Thus, amid the widespread uncertainty in the crypto market during the second half of May, the altcoin showcased a slow yet steady fall which plunged to a low of $1700.
However, the market witnessed high selling pressure last week, pulling the ETH price below $1700. This support breakdown signaled the continuation of the prevailing downtrend and triggered another three days of sell-off.
Furthermore, the falling ETH price has violated another significant support of $1400 as it currently trades at the $1236 mark. If sellers could sustain the altcoin below the $1400 mark, the resulting downfall should have a significant chance of hitting the aligned support 0.786 Fibonacci retracement level and $1000 psychological level.
Conversely, a potential bullish pullback could drive the ETH price to the $1700 mark before it continues to sink lower.
Technical indicator-
The DMI indicator shows a sharp increase in the ADX line, and the bearish spread between the DI lines represents a rise in correction phase momentum.
The falling trend starting after the bearish takeover near the 20 DMA starts a streak of big bearish candles. Moreover, the DMAs maintain a bearish alignment with no signs of a halt in the falling trend.
- Resistance level- $1400 and $1700
- Support level- $1200 and $1000
- Solana Price Rallies 5% as Nasdaq-listed VisionSys Launches $2B SOL Treasury Strategy
- XRP Ledger Rolls Out MPT Standard for Real-World Asset Tokenization
- SEC Puts Crypto ETF Approvals On Hold Following U.S. Government Shutdown
- Pi Network Adds DEX and AMM Features To Expand Pi Coin’s Utility
- October Fed Rate Cut Odds Rise After Weak U.S. Labor Data, Bitcoin Surges
- Cardano Price Forecast As Hashdex Listing Fuels Optimism For $1.27 Breakout
- BONK Price Rally Ahead? Open Interest Jumps as TD Buy Signal Flashes
- Shiba Inu Price to Surge as Whales Buy and Team Commits to Shibarium Growth
- XRP Price Prediction After Ripple CTO David Schwartz Resigns
- SUI Price Eyes $4.5 as Coinbase Futures Listing Sparks Market Optimism
- Chainlink Price Holds $20 Support Amid Tokenization With DTA Standard Progress – Is $47 Next?