Is ETH Price About to Fall Like a Meteor?

Ethereum’s main function is to run smart contracts, which allow different applications, such as decentralized finance (DeFi), stablecoins, non-fungible tokens (NFTs), and decentralized autonomous organizations (DAOs).

Ethereum hosts thousands of tokens, with developers continually creating new tokens that enable new opportunities and expand new markets.

Can Ethereum Crypto Rise Again?

The Ethereum crypto asset has expressed bullish behavior earlier and took the opportunity to increase further from$1600 support to the high of $2700. It has attained good performance in the overall last quarter by 23.93%, and this implied a stable upward direction, during the span of time on the charts.

Furthermore, the past uptrend was a spectacular one, as it was in a good channel and made higher lows and higher highs and tried to struggle above the top, which was a supply reign.

However, the Ethereum crypto failed the struggle at the top and this demonstrated a strong sign of decline as the asset’s price sank from a vital level of around $2700 on the charts and fell up to the nearest strong support at $2200.

The current market price is at $2212 with an intraday decline of 4.30% and is at nearest support.

Therefore, if the ETH crypto slips out of the current support zone of $2200, the price could fall more and reach lower levels.

On the other side, if the ETH crypto sustains the level and rises, then it could rise to the supply region to test the level. The nearest resistance in the process would be $2450.

Furthermore, the current market scenario of the ETH crypto, shows that it is nearing a drastic fall, as it hits the resistance level and sinks. The ETH crypto asset is bearish and shows that it has more room to fall below as it drops below major trend 20, and 50-Day EMAs. Now, depending on the seller’s surge, the ETH price could break the current support and reach lower levels as well.

In addition, the ETH crypto asset is demonstrating bearish potential as MACD is showing a strong bearish cross with a broadening histogram, which is at -34.34.

The RSI is decreasing gradually and has reached 38 level and taking rejection from 14 SMA which is at 57, signifying that the ETH crypto asset is losing traction and can reach new lows.

Summary

The current market scenario of the ETH crypto shows that it is nearing a drastic fall, as it hits the resistance level and sinks.

Therefore, if the ETH crypto slips out of the current support zone, the price could fall more and reach lower levels. On the other hand, if the ETH crypto sustains the level and rises, then it could rise up to the supply region again to test the level. 

Technical Levels

Support Levels: $2200

Resistance Levels: $2450

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.