Ether’s price continues to fall as concerns about well-known market makers and FTX hackers selling large amounts of Ethereum impact the altcoin price. And it continues to slip towards its support at the $1,000 level. It is a crucial level for the bulls to defend as a break below it could increase selling pressure. The falling 20-day EMA ($1,381) and the RSI in the negative territory are showing that the bears are in control. But if the price bounces sharply off the support line, it suggests that the buyers are defending the level with a vengeance. The asset is down by more than 1% while volume has risen by more than 25% with ETH dominance at 17.14%.
At the time of writing, ETH was trading at $1,100.
ETH after taking multiple supports at $1,200 showed good signs of recovery and rallied up to $1,678. However, the asset faced stiff resistance at the downsloping trendline and witnessed a sharp fall. ETH broke the long-held support of $1,200 and made the low of $1,073.9. The asset has strong support at $1,000, if it holds and sustains above these levels then we can expect some relief rally. A break or close below $1,000 will lead to a further downfall and the prices may test the previous lows of $881.
|Support 2||Support 1||Asset||Resistance 1||Resistance 2|
Disclaimer: This report is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate. The Company has prepared this report based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness or reliability of the information, opinions or conclusions expressed herein. This report is preliminary and subject to change; the Company undertakes no obligation to update or revise the reports to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Trading & Investments in crypto assets viz. Bitcoin, Bitcoin Cash, Ethereum etc. are very speculative and are subject to market risks. The analysis by the Author is for informational purposes only and should not be treated as investment advice.