Breaking: This Level Is Crucial Now As Ethereum (ETH) Price Breaks Key Support
Ethereum (ETH) price breaks below the key support level of $1,430 today, falling to a low of $1,287. Whales liquidating their ETH positions and the Fed‘s hawkish stance on rate hikes are driving the ETH price to fall after the Merge. In fact, experts have earlier warned that a further fall below $1,430 risks the Ethereum price dropping to $1,000.
Ethereum Price Breaks $1430 Support
Ethereum has lost over $60 billion in market cap in a week and over $35 billion after the Merge. Traders expected a drop in Ethereum price below $1,700 will trigger shorts. Moreover, whales liquidating their ETH positions before and after the Merge pushed the price to dive to $1,460.
As warned in a previous report, the Ethereum (ETH) price has reached an inflection point and a drop below the $1,430 support could cause the price to fall to $1,000. According to analyst Big Cheds, if the ETH price doesn’t rebound above the $1,270 level, it could quickly fall below $1,000. Moreover, analyst Scott Melker sees a buying opportunity at around $1,284.
Crypto analyst Michaël van de Poppe believes Ethereum is weak as it lost upwards trending structure. He expects more volatility in the region between $1,200-1,300.
“Not sure whether we’ll get a bounce towards $1,425 as FED on Wednesday is most important as a decider of a trend.”
Macros Impacting the ETH Price
Ethereum (ETH) has lost its strength after it breaks below the psychological level of $1,500. Moreover, a break below the $1,430 support level led to a fall to $1,287. Currently, the Ethereum price is trading above $1,300, down nearly 9% in the last 24 hours.
The U.S. Federal Reserve will announce the rate hike during the FOMC meeting on September 21. Market experts predict a 75 bps rate hike in September and 50 bps rate hikes in November and December. According to the CME FedWatch Tool, the probability of a 75 bps rate hike is 80%.
Moreover, the U.S. dollar index has again climbed over 110. Thus, it has resulted in a massive sell-off in the crypto market in the last 24 hours, making the ETH price to also fall.
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