ETH Could Slide Below $1000 Support


The Ethereum price prediction reveals that ETH may face the key support as the coin keeps heading to the south.

Ethereum Prediction Statistics Data:

  • Ethereum price now – $1144
  • Ethereum market cap – $135.1 billion
  • Ethereum circulating supply – 121.1 million
  • Ethereum total supply – 121.1 million
  • Ethereum Coinmarketcap ranking – #2

ETH/USD Market

Key Levels:

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Resistance levels: $2000, $2100, $2200

Support levels: $500, $400, $300

As the market opens today, after touching the resistance level of $1012, ETH/USD drops with a bearish bias. The coin opens at $1207, and it is currently trading at $1144. For the past few days, the Ethereum price did start a nasty decline and has been breaking many supports. The market price could correct higher, but it is likely to face more sellers below the lower boundary of the channel.

Ethereum Price Prediction: Ethereum (ETH) May Break More Downsides

The Ethereum price is breaking to the downside and the coin is likely to break down heavily to gain more downtrends. At the time of writing, ETH/USD is hovering at $1144 as it prepares to cross below the lower boundary of the channel. Should it spike below the channel, the critical support levels of $500, $400, and $300 may be reached as the technical indicator Relative Strength Index (14) moves within the oversold region.

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On the contrary, ETH/USD could either recover above $1200 or extend its decline towards the support level of $1000. On the upside, the next major resistance is near the $1250 level. Meanwhile, the price needs to climb above the $1500 for it to hit the potential resistance levels of $2000, $2100, and $2200. If not, there is a risk of more downsides below the channel.

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Against Bitcoin, the daily chart reveals that the Ethereum price is hovering below the 9-day and 21-day moving averages. If the price crosses above the 9-day moving average, there is a possibility that the coin may begin another upward trend. The next resistance key above this level is close to the 5600 SAT level. If the price rises, it could even break the 6000 SAT and above in future sessions.

ETHBTC – Daily Chart

However, if the bears bring the price below the lower boundary of the channel, 5000 SAT support may play out. Any further bearish movement could roll the coin to the critical support at 4500 SAT and below. The market may remain at the downside as the Relative Strength Index (14) remains within the oversold region.

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