Prediction of Ethereum Price: Why Ethereum Price May Drop Another 9.9%
Ethereum Price Prediction: The Ethereum price is on the verge of a major decline after losing two critical support points, the ascending trendline and $1220. The local support of $1160 has stopped further losses. However, a minor pullback towards $1220 flipped resistance should restore the selling momentum. How far will the potential downfall of the ETH price lead?
These are the key points
A potential bullish pullback could see ETH prices surge 4% before the next bear market hits.
The rising ADX indicator signals a growing bearish momentum
Ether’s intraday trading volume is $3.1 billion, which indicates a 52% loss
The rising wedge pattern was the shape of the last recovery cycle in Ethereum’s price. The gradual decrease in bullish momentum can be explained by price action that resonates between two converging trendlines.
This bearish pattern and recent sell-off in crypto markets caused significant outflows in the ETH price. The coin price is currently trading at $1177 and has experienced a 10.8% drop in the last five business days.
This led to a huge collapse of two critical support points, the ascending trendline support and $1222 horizontal support. The altcoin is currently showing a 0.8% intraday decline, but prices should see a minor bullish pullback in order to retest the $1222 mark for potential resistance.
If selling pressure continues, the Ethereum price will fall 8.5% and rescind the $1100-$1080 support.
The $1160 could help buyers regain trend control, on the contrary.
Moving average convergence/divergence: a bearish crossover between the MACD and signal line reflects a sell signal for traders. These slopes are highly correlated and indicate that sellers are aggressive at the moment.
Exponential Moving Average: The Ethereum price fell below the critical EMAs (20, 50, 100 and 200), indicating that the market trend is clearly bearish.
Intraday Ethereum Coin Price Levels
Spot rate: $1178
Resistance level: $1222 and $1300
Support level: $1160 and $1100
About the author
The content presented may contain the author’s personal opinion and is subject to market conditions. Before investing in cryptocurrency, do your market research. The publication or the author are not responsible for any financial loss.