Ethereum price could drop to around $ 2,850 USD
The price of the cryptocurrency Ethereum (ETH) is likely to fall further after breaking a significant trend line that served as support. Ethereum price is about to drop 10% to $ 2,853 if selling pressure increases and no significant support level is found.
- The price of the cryptocurrency Ethereum is forecast to drop another 10% as bearish momentum intensifies.
- There is an increase in the number of sellers in the market as the bears target $ 2,853 USD.
- Sliding below $ 3,164 USD could cause trouble for the bulls.
Ethereum Price Prepares for Deep Drop
The price of the cryptocurrency Ethereum (ETH) has crossed below the lower limit of the symmetrical triangle on the 12-hour chart, suggesting a bearish outlook. The measured move given by the dominant chart pattern is a 25% drop towards $ 2,853 USD. Ethereum is already halfway to its most pessimistic goal.
Unfortunately, there don’t seem to be a lot of reliable lines of defense for the price of the Ethereum cryptocurrency. The first level of support will appear at the September 26 high at $ 3,164 USD, then the September 24 high at $ 2,979 USD.
However, if the aforementioned levels do not hold, the Ethereum price could risk hitting the bearish target at $ 2,853 USD, which coincides with the support line given by the Momentum Reversal Indicator (MRI) and the level of Fibonacci extension of 127.2%.
IntotheBlock’s IOMAP (In / Out of Money Around Price) model indicates that the first line of defense for Ethereum’s price is near the largest group of buyers with 952,000 addresses who bought 792,000 ETH at an average price of $ 3,175 USD. .
However, if the ETH cryptocurrency loses the aforementioned position, the next largest group of buyers, with 580,000 addresses buying 669,000 ETH at an average price of $ 2,893 USD, indicates that this area is the second strongest support area.
Furthermore, the TRIN index, which assesses overall market sentiment, suggests that there is a slight increase in sellers in the market, indicating that some investors are panicking, leading to sell-offs.
Ethereum 12-hour chart (ETH / USDT)
However, if the bulls manage to reverse the underperforming period, the first resistance zone may appear at the 78.6% Fibonacci retracement level at $ 3,625 USD. Additional headwinds may appear at the SMA-21 simple moving average on the 12-hour chart at $ 3,697 USD and then at the 61.8% Fib retracement level at $ 3,891 USD, coinciding with the SMA-50 moving average.
By Sarah Tran, FXStreet
Sarah has closely followed the growth of blockchain technology and its adoption since 2016. She worked at a crypto exchange and crypto custodian, and prior to writing for FXStreet, she was a writer and content strategist at Blockchain News.
The opinions and opinions expressed here are solely those of the author and do not necessarily reflect the views of Forex Quebec. Every investment and business move carries risk, you need to do your own research when making a decision.
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