Ethereum At $1020, Will It Fall Below $1000 Anytime Soon?
June 15 2022 - 9:00PM
NEWSBTC
Ethereum plummeted over 8% in the last 24 hours as the crypto
bloodbath continues. Bears are in control of the market as the coin
is treading very close to the $1000 price level. The major sell-off
has also affected Bitcoin massively as the crypto lost over 33% in
the last week itself. This has also caused other market movers to
dip severely on their respective charts. Ethereum lost its support
at $1300 and now is eyeing $1000. Buyers have exited the market as
the coin continued to remain exceedingly sold out. The global
cryptocurrency market cap today is at $950 Billion with a fall of
3.7% in the last 24 hours. Trading volume of the coin also grew
considerably over the past day. Over the past few days Ethereum
displayed considerable volatility as the coin traded between $1600
and $1200 respectively. Now, if the sell off continues in the
market ETH might not witness a price correction over the immediate
trading sessions. Ethereum Price Analysis: One Day Chart ETH was
trading at $1122 on the one day chart. The coin last traded around
this level in the end of January 2021. This point for the coin had
triggered a rally in the past where the coin soared and traded
above $4000. Pull from the sellers can potentially drag Ethereum
below the $1000 price level. The immediate price support level of
the coin stood at $1014. The volume traded was seen in the red and
that signified bearish control of the market. The resistance for
the coin stood at $1271 and then at $1600. An entry of buyers can
help ETH to revisit $1200 again. Technical Analysis After the coin
nosedived the selling strength mounted excessively. The Relative
Strength Index also touched its lowest point in the year which
meant that there continues to be heavy amount of selling in the
market. RSI was parked underneath the 20-mark signifying that
sellers had taken over the market. Usually after a major sell-off
price tends to present a correction. Other technical on the charts
however, continue to point towards a bearish price action, so it is
difficult to ascertain when and how soon ETH will bottom out.
Similarly, the price of ETH was below the 20-SMA and it also meant
that market favoured the sellers as they were driving the price
momentum. Related Reading | TA: Ethereum Could Resume Decline Below
$1,100, Bears In Control In accordance with other indicators,
Moving Average Convergence Divergence also depicted a negative
reading. MACD depicts the price momentum and change in the same.
The indicator underwent a bearish crossover and flashed red
histograms. The red histograms were growing in size which were sell
signals for Ethereum. Chaikin Money Flow portrays bearishness, this
meant that capital inflows were in the negative as compared to
outflows. This indicated heavy bearish price action in the market.
Related Reading | Ethereum Drops Below $950 On Uniswap Overnight –
Here’s Why
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