Sign Up on MEXCEthereum Price Breakdown below Crucial Support Alerts a Potential Crash to $1500; Sell or Keep Holding?
Amid the broader market sell-off, the Ethereum price is falling for six consecutive days. From the psychological barrier of $2000, the coin price plunged 9.66% and reached its current price of $1821. However, with this downfall, the sellers also breached a long-coming support trendline which was carrying the ETH price recovery for nearly two months. Here’s how this breakdown may influence the future price of this number two cryptocurrency.
Key Points:
- The Ethereum Fear and Greed Index at 48% projects a neutral sentiment among traders
- The Ethereum price breakdown below the $1827 support threatens a potential 17% fall.
- The intraday trading volume in Ether is $10.4 Billion, indicating a 77.46% gain.
Source- Tradingview
With an intraday fall of 1.2%, the Ethereum price shows a bearish breakdown below an ascending support trendline. The coin price bounced back four times from this support in the last two months indicating the traders were accumulating at dips, keeping a sustained bullish run.
However, with the recent breakdown, we can expect a shift in market sentiment from buying on dips to selling on rallies. Along with this support trendline, the price also shows a drop below the horizontal support of $1827, and a 23.6% Fibonacci retracement level, accentuating the significance of losing this support.
Also Read: Best Cryptos Private Sale For 2023
However, the price needs to confirm two criteria to obtain a short opportunity; which is a daily candle closing below the aforementioned support and a suitable volume hike. If these conditions are met, the ETH price is likely to drop 17% to hit the $1500 mark.
However, if the coin price did not give a decent follow-up and rise back above the trendline, the bearish thesis will get invalidated.
Technical Indicator
Moving Average Convergence Divergence: The downsloping MACD(blue) and signal(orange) reflect a bear trend momentum in the market
Exponential Moving Average: The breached 20-and-50-day EMAs may offer an extra edge to short-sellers
Ethereum Coin Price Intraday Levels-
- Spot rate: $1821
- Trend: Bearish
- Volatility: Medium
- Resistance level- $1830 and $2000
- Support level- $1700 and $1650
- Grayscale’s XRP, SOL, ADA Fund To Begin Trading Tomorrow Following SEC’s Greenlight
- Donald Trump Petitions Supreme Court To Remove Fed Governor Lisa Cook
- Pi Coin Rises As Pi Network Implements Protocol v23 on Testnet
- Tether-Backed Plasma Stablecoin Blockchain Set to Launch on September 25
- Cathie Wood’s Ark Invest Backs Nasdaq-Listed Solmate To Launch $300M Solana Treasury
- Cardano Price Stays Above Ichimoku Cloud as Grayscale ADA ETF Approval Nears
- HBAR Price Prediction as SEC Approves Generic ETF Framework – Analyst Targets $1.80
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
