Why ETH Price May Drop Another 9%

Ethereum Price Prediction: losing two crucial support of ascending trendline and $1220, the Ethereum price is poised for a significant downfall. Though the local support of $1160 has currently halted the further losses, a minor pullback to $1220 flipped resistance should replenish the selling momentum. Thus, how far the potential downfall may lead to the ETH price?

Key points: 

• A potential bullish pullback may surge ETH price 4% before the next bear cycle hits.
• The ADX indicator starting to rise signal the growing bearish momentum
• The intraday trading volume in Ether is $3.1 Billion, indicating a 52% loss

Source- Tradingview

The last recovery cycle in the Ethereum price was shaped into a rising wedge pattern. In theory, the price action resonating between two converging trendlines indicates the gradual decreasing bullish momentum.

Thus, the ETH price witnessed a significant outflow due to the influence of this bearish pattern and the recent sell-off in the crypto market. Moreover, the coin price currently trades at the $1177 mark and has registered a 10.8% loss in the last five days.

This downfall gave a massive breakdown from two crucial support of ascending trendline and $1222 horizontal support. Though the altcoin currently shows a 0.8% intraday drop, the prices should witness a minor bullish pullback to retest the $1222 mark as potential resistance.

If the selling pressure persists, the Ethereum price should tumble 8.5% and rechallenged the $1100-$1080 support.

On a contrary note, the $1160 could assist buyers in regaining trend control.

Technical Indicator

Moving average convergence/divergence: a bearish crossover between the MACD and signal line reflects a sell signal for traders. A significant spread between these slopes indicates the sellers are aggressive at the current time.

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

Ethereum Coin Price Intraday Levels-

• Spot rate: $1178
• Trend: Bearish  
• Volatility: Medium
• Resistance level- $1222  and $1300
• Support level- $1160 and $1100

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.