According to data provided by CoinMarketCap, the value of one unit of Ethereum (ETH) has decreased by 7% over the course of the last twenty-four hours.
In addition, the price of Ethereum (ETH) has decreased by 9% over the course of the previous week, with the most recent fluctuation contributing to the downward trend. The result of this is that the price of ETH has dropped below the $1,520 support level.
Although the price of ETH attempted to maintain its position above the immediate barrier level, it was ultimately unsuccessful and the cryptocurrency had a large sell-off, which resulted in the price falling below the resistance level.
Buyers left the market as soon as ETH was unable to defend the immediate support level, which is consistent with the conclusion drawn from the coin’s technical analysis, which indicates that bearish strength exists.
If ETH cannot maintain trading above the $1,400 price level, the price of ETH may resume its downward trend on the chart. This pessimistic argument is enhanced because selling have joined the market following BTC’s current sell-off, which saw BTC’s price plummet below the $20,000 level. Specifically, this bearish argument is bolstered since sellers have entered the market.
In the event that the price of ETH drops below the $1,440 level, it will stabilize at the $1,367 level. For the alternative cryptocurrency to overcome its negative thesis, there will need to be backing from a wider market and more purchasing power.
When looking at the chart for ETH/USDT for a period of four hours, one can observe that the price of ETH has been plunging since since the 9 EMA line crossed below the 20 EMA line, which marked the beginning of the negative pressure. The price of ETH, on the other hand, seems to be making a return as it moves closer and closer to the 9 EMA line.