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.
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