ETH/USD Could Fall Below $1200 Support

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  • Post category:Blockchain

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The Ethereum price prediction is approaching a crucial support level which could take the second digital asset to the downside.

Ethereum (ETH) Statistics Data:

  • Ethereum price now – $1265.43
  • Ethereum market cap – $157.1 billion
  • Ethereum circulating supply – 122.3 million
  • Ethereum total supply – 122.3 million
  • Ethereum Coinmarketcap ranking – #2

ETH/USD Market

Key Levels:

Resistance levels: $1600, $1700, $1800

Support levels: $1000, $900, $800

As the daily reveals, ETH/USD is trading down by 1.36% at its current price of $1,265, which marks a notable decline from its daily highs of $1,292 that was set today when the bulls attempted a slightly positive move. Meanwhile, in the past few days, the Ethereum price has been able to find the support at $1,254 level, as revisiting this level may increase the bearish movement.

Ethereum Price Prediction: ETH Not Yet Ready for the Upside

According to the daily chart, the Ethereum price is heading to the downside as many traders were expecting the coin to resume higher. However, ETH/USD is currently hovering below the 9-day and 21-day moving averages changing hands at $1,265.

Nonetheless, a further bearish drop may begin to roll the market down to the support levels of $1000, $900, and $800 while a possible bullish surge could push the Ethereum price above the upper boundary of the channel as the resistance levels of $1600, $1700, and $1800 comes to play. Meanwhile, the Relative Strength Index (14) is seen facing the negative side; staying there may cause the coin to touch the $1200 support level.

Against Bitcoin, the Ethereum price is moving sideways as the coin hovers within the 9-day and 21-day moving averages. At the moment, ETH/BTC is currently trading at 6729 SAT as the bulls failed to push the price to the upside. However, if the market drop below the moving averages, the next key support may come at 6000 SAT and below.

ETHBTC – Daily Chart

On the upside, any bullish movement above the moving averages could push the market toward the upper boundary of the channel, to hit the resistance level of 7500 SAT and above. Nevertheless, the Relative Strength Index (14) is moving in the same direction, suggesting that the market may continue to range.

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