Why ETH Price May Fall Another 9%

Ethereum Price Prediction: Losing two crucial ascending trendline supports and $1220, Ethereum price is poised to drop significantly. Although local support at $1160 has currently halted further losses, a slight pullback at inverted resistance at $1220 should reignite selling momentum. So, how far can the potential drop lead to the price of ETH?

Key points:

• A potential bullish pullback could send ETH price up 4% ahead of the next bearish cycle.
• ADX indicator starting to rise signals increasing bearish momentum
• Intraday trading volume in Ether is $3.1 billion, indicating a 52% loss

Source- Commercial view

The latest Ethereum price recovery cycle was shaped into an ascending wedge pattern. In theory, price action resonating between two converging trend lines indicates the gradual waning of bullish momentum.

Thus, the price of ETH saw a large exit due to the influence of this bearish pattern and the recent sell-off in the crypto market. Moreover, the coin price is currently trading at $1177 and has recorded a loss of 10.8% in the last five days.

This drop resulted in a massive break of two crucial supports at the ascending trendline and the horizontal support at $1222. Although the altcoin is currently showing an intraday decline of 0.8%, prices are likely to experience a slight bullish pullback to retest the $1222 mark as potential resistance.

If the selling pressure persists, Ethereum price is likely to drop 8.5% and challenge the $1,100-$1,080 support.

On the contrary, the $1160 could help the buyers regain control of the trend.

Technical indicator

Moving average convergence/divergence: a bearish cross between the MACD and the signal line reflects a sell signal for traders. A large gap between these slopes indicates that the sellers are aggressive right now.

Exponential Moving Average: Ethereum price dropped below the crucial EMAs (20, 50, 100, and 200), indicating that the market trend is obviously bearish.

Intraday Ethereum Coin Price Levels-

• Cash rate: $1178
• Trend: bearish
• Volatility: Medium
• Resistance level – $1222 and $1300
• Support level – $1160 and $1100

For the last 5 years, I have been working in journalism. I have been following Blockchain & Cryptocurrency for 3 years. I’ve written on a variety of different topics including fashion, beauty, entertainment, and finance. contact me at brian(at)coingape.com

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.