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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
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