Ethereum Price Prediction: Losing This Crucial Support, ETH Poised For 10% Drop
Ethereum Price Prediction: The Ethereum(ETH) price falling for three consecutive days threatens the reliability of the recent recovery rally. This downfall registered 8.25% and plunged the price below the $1237-$1222 support. Will this breakdown replenish the selling pressure and plunge ETH below the $1100 mark?
Key points:
- With the ongoing downfall, the Ethereum price breaks the combined support of $1300 and an ascending trendline.
- The daily-RSI slope reentering the bearish increases the likelihood of a deeper downfall.
- The intraday trading volume in Ether is $7.3 Billion, indicating a 10% loss.
Source- Tradingview
Amid the last recovery cycle in the crypto market, the Ethereum price breached a monthly resistance of $1300. However, the buyers were unable to sustain higher prices which led to an immediate breakdown from the mentioned resistance and a support trendline.
This fake breakout scenario of $1300 resistance must have trapped several long traders who believed the prices would rise from $1300. Thus, this ongoing downfall may cause long traders hit their stop loss, and the forced liquidation will increase the selling orders in the market.
Today, the Ethereum coin price trades at $1200, and with an intraday loss of 4.57%, it gave a massive breakout from local support of $1237-$1222. A daily closing below this support will confirm this breakdown and encourage sellers to pull prices lower.
The potential downfall may plummet this altcoin 10.3% down to hit the $1100-$1080 support zone.
However, the in-between support of $1160 and the $1100-$1080 stand as significant support where buyers may try to wrest trend control.
Technical Indicator
Relative Strenght index: the RSI indicator, which measures the speed and magnitude of coins’ recent price action, shows a bearish outlook for Ethereum. Moreover, the RSI slope plunged below the midline and 20 SMA line, accentuating the weakness in bullish momentum.
EMAs: the coin sellers get additional confirmation as prices lose 20-and-50-day EMA support.
Ethereum Coin Price Intraday Levels-
- Spot rate: $1205
- Trend: Bearish
- Volatility: Low
- Resistance level- $1236 and $1300
- Support level- $1160 and $1100
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