Ethereum is having a field day as the asset has seen a steady decline to trade at $1385 after falling 5.17% from its opening price of $1460. Even though trading at this price, the digital asset saw support at around $1292 before triggering a move up to trade at $1385. Also, the surge from this price level has happened multiple times, and analysts have pointed out that this might be a crucial support level for the coin.
Ethereum has been taken over by bears in the entire crypto market, and with the 9 day MA line briefly crossing over the 21 day MA line, it shows that the bears are here to stay for now. Despite many traders hoping for trade in fortune, the asset might continue to experience price drops in the coming days.
Sellers are dominating the Ethereum market
The price of the digital asset is presently trading under the moving average, and a break out is not in the books as of now. If the price doesn’t break out in the next few days, we might be faced with a break below the lower boundary channel. If the lower boundary decline is triggered, then support would be waiting at the $1,100 price region. If the bears continue to decimate the market, then it could trigger another decline to touch the second and third supports at $1,000 and $900, respectively.
Also read:If there is a turn in fortune and the bulls enter into the market, we could see the price grow to touch the first resistance level of $1,700. If the bulls gather enough momentum and break past the first resistance level, they would face a tumultuous obstacle in breaking above the $1,800 before going on to break above the $1,900 price mark. The technical indicator has shown that the asset is presently moving, trading below the 40 level, and if it remains so, the digital asset might well remain close to the $1,400 price mark.
ETH/BTC comparison
It is visibly clear that Ethereum is trading in a bearish run against the leading digital asset, Bitcoin. With the fall in the price of the asset, sellers would be giving buyers a whole load of trouble with the 3000 Satoshi support level is in sight. If the sellers outgrow the buyers, then the asset might collapse and go way below the lower channel.
If the collapse happens and the digital asset trades below, it could trigger support around the 2800 Satoshi region before touching the 2500 Satoshi mark. If buyers eventually edge out sellers and the 9-day moving average crosses above the 21-day moving average, we would witness the coin touching the resistance level at 3800 Satoshi. Meanwhile, the sellers are visibly in charge of the market, and this is depicted by the 35 level that the asset is trading at in its Relative Strength Index.
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