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Ethereum price analysis: Will ETH Price Break Under $1000?

Published June 13, 2022

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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?

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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.

ETH/USDT ChartSource- 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. 

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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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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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