Ethereum Keeps Sliding Down, Will The Support Line of $1,100 Break?
30 June 2022 - 11:00AM
NEWSBTC
Ethereum continued on a bearish path as the coin has now found
support level at $1,100. Over the last two days the coin surged and
touched the $1,200 mark but shortly after that, it witnessed a
pullback on the chart. Ethereum’s strong resistance currently stood
at $1,300. The technical perspective of the coin has also remained
bearish. Over the last 24 hours, ETH lost 9% of its value and
invalidated most gains it secured in the past one week. After the
bulls could not manage to move past the $1,300 price ceiling, the
coin has slipped down. ETH has depicted a consolidated price range
with price of the asset sandwiched between $1,280 and $1,110,
respectively. If Ethereum doesn’t rise and break past the $1,300,
price could dip and fall below the $1,000 mark. Buying strength
also faded as price of the coin kept falling on the chart. The
global cryptocurrency market cap today is at $937 Billion with a
fall of 5.5% in the last 24 hours. Ethereum Price Analysis:
One Day Chart ETH was trading for $1,111 at the time of writing.
Immediate support for the coin stood at $1,000, but if ETH starts
to fall then the coin can trade at the $900 price level. Immediate
overhead resistance stood at $1,200 and then at $1,300. The last
time the altcoin hovered around this price region was in the month
of January 2021. If Ethereum falls to $900, it would mark a new low
for the coin in the year 2022. If price of the altcoin manages to
jump to $1,300 and trades above that level for significantly long,
then rally to $1,700 could be possible. Volume of Ethereum traded
fell on the 24 hour chart which meant that buying strength
decreased. The trading volume bar was red indicating bearishness.
Technical Analysis ETH was oversold over the last 48 hours, but the
coin recovered and moved above the oversold zone. Despite this
recovery Ethereum’s buying pressure remained extremely low on the
chart. The Relative Strength Index noted a downtick and was nearing
the oversold mark again. Consistent downfall in demand can bring
Ethereum to touch the $900 level over the next trading sessions. On
the 20-SMA, the coin was seen below the 20-SMA line. A reading
below the 20-SMA line means that the sellers were driving the price
momentum in the market. Related Reading | Why Ethereum Could Trade
At $500 If These Conditions Are Met ETH noted a fall in buying
strength despite that the coin flashed buy signal son the one day
chart. Moving Average Convergence Divergence depicts the price
momentum. It displayed a bullish crossover and flashed green signal
bars which are buy signals for the coin. The current price level
could potentially turn into a demand zone for the king altcoin.
Chaikin Money Flow demonstrated capital inflows and outflows on the
chart. CMF was below the the half-line which meant that capital
inflows were lesser than capital outflows signifying bearishness.
Suggested Reading | Ethereum Needs To Breach This Level To Sustain
Bullish Pace Featured image UnSplash, chart from TradingView.com
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