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The recent surge in the crypto market linked to the bullish sentiment built around the Bitcoin ETF was immediately undermined by sellers. The bears struck a counterattack with even greater force leading to a significant downfall in the top two cryptocurrencies Bitcoin and Ethereum. Amid this downfall, the ETH price lost a significant local support of $1610 suggesting further downfall in the near term.
Also Read: ETH Price Prediction: Traders Moving Ethereum At Major Loss Ratio A Bullish Signal?
ETH Price Below Key Support Hints Further Downfall
- A bearish breakdown below the support trendline hints at a sharp 10% drop
- The ETH price below daily(20, 50, 100, and 200) accentuates the overall trend is bearish
- The intraday trading volume in Ether is $16.5 Billion, indicating a 9% gain.
Source- Tradingview
In the last two weeks, the Ethereum price showed a minor pullback in the daily chart under the influence of an ascending trendline. The dynamic support bolstered the coin price to a high of $1760.6, after which the bullish sentiment around Bitcoin ETF faded, leading to a sharper downfall.
The ETH price fell for three consecutive days registered 7.22% and currently trading at $1605. Amidst this downfall, the coin price breached the combined support of $1610 and the aforementioned support trendline.
Losing this support provides sellers with an extra edge to pressure the altcoin for lower levels. If the prices show sustainability below the pierced levels, the downward trendline will hit $1532 support followed by a $1500, reflecting a potential loss of 10%.
[converter id=”eth-ethereum” url=”https://coingape.com/price/converter/eth-to-usd/?amount=1″]
Is Ethereum Coin Bullish Trend Still on Track?
While the bearish movement seems reasonable for the Ethereum coin, the anticipated downfall to $1500 may hit a long-coming support trendline. This yearly support drives the long-term uptrend for this second-largest cryptocurrency, offering an excellent footing to accumulate in market dips.
However, a breakdown below the trendline will trigger a major correction for Ether.
- Relative Strength Index: The daily RSI slope dip below 40% indicates the active bearish momentum among traders.
- Exponential Moving Average: A death crossover between the 50-and-200-day EMA may accelerate selling pressure in the market, increasing the possibility for further fall.
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