Ethereum Price Analysis: ETH brakes its 70-weeks support and reached under $1K

Ethereum’s price broke the 70-week low along with the conceptual round level of $1000 and is seen trading below $1K.
At the time of writing, bulls are holding ETH prices above $1K as an important support level.
The Ethereum coin price belonging to the bitcoin pair is trading at 0.05217 satoshis, with a sideways change over the past 24 hours.

During the ongoing global market collapse as well as the cryptocurrency market, over 70% of cryptocurrencies have lost almost 80% of their costs in the past 3 months. Meanwhile, panic selling is making investors afraid to buy the dip.

Ethereum bulls are becoming the burden of the bearish weekend and ETH is down almost 30% so far this week.

According to data from Coinglass, Grayscale investors are gradually reducing their holdings of ETH in their portfolios. The total holding, therefore, jumped from its all-time high of $3.18 million to $3.08 million. However, even the big bulls are afraid of holding assets in times of distress.

Ethereum price broke the $1000 conceptual round level as well as the 70-week low of the $1097 to $975 mark in just under three hours. However, if BTC closes the weekly price candle above $19K, the recent lows could act as a buyer’s hedge zone for the short-term outlook.

Amid the panic sell-off, the market cap of the global crypto market has fallen 6.4% so far to reach below $850 billion. Also, the market cap of ETH is down 8.2% to $121 billion, according to data from CMC over the past 24 hours.

Last night’s trading volume appears to be lower compared to other days, yet buyers failed to manage the $1K area. Meanwhile, the Ethereum coin belonging to the bitcoin pair is trading at 0.05217 satoshis, with a sideways change over the past 24 hours.

Will ETH stay above $1000 or break?

In terms of the daily scale, the Stoch RSI, as well as the MACD indicator, are showing extreme bearish momentum for the Ethereum price.

Moreover, if the ETH price remains above the $1K mark and attempts a recovery, the 20 EMA will act as an early bullish barrier for the bulls.

Conclusion

Ethereum price today is expected to close near recent lows. If BTC drops below $19K, the price of ETH also starts declining. ,

Support levels – $975 and $900

Resistance level – $1100 and $1200

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

ALSO READ: Crypto Genius Michelle Bond Running In The Elections