Ethereum Price Prediction: losing two crucial support of ascending trendline and $1220, the Ethereum price is poised for a significant downfall. Though the local support of $1160 has currently halted the further losses, a minor pullback to $1220 flipped resistance should replenish the selling momentum. Thus, how far the potential downfall may lead to the ETH price?

Key points: 

• A potential bullish pullback may surge ETH price 4% before the next bear cycle hits.
• The ADX indicator starting to rise signal the growing bearish momentum
• The intraday trading volume in Ether is $3.1 Billion, indicating a 52% loss

Source- Tradingview

The last recovery cycle in the Ethereum price was shaped into a rising wedge pattern. In theory, the price action resonating between two converging trendlines indicates the gradual decreasing bullish momentum.

Thus, the ETH price witnessed a significant outflow due to the influence of this bearish pattern and the recent sell-off in the crypto market. Moreover, the coin price currently trades at the $1177 mark and has registered a 10.8% loss in the last five days.

This downfall gave a massive breakdown from two crucial support of ascending trendline and $1222 horizontal support. Though the altcoin currently shows a 0.8% intraday drop, the prices should witness a minor bullish pullback to retest the $1222 mark as potential resistance.

If the selling pressure persists, the Ethereum price should tumble 8.5% and rechallenged the $1100-$1080 support.

On a contrary note, the $1160 could assist buyers in regaining trend control.

Technical Indicator

Moving average convergence/divergence: a bearish crossover between the MACD and signal line reflects a sell signal for traders. A significant spread between these slopes indicates the sellers are aggressive at the current time.

Exponential Moving Average: the Ethereum price nosedived below the crucial EMAs(20, 50, 100, and 200), indicating the market trend is evidently bearish.

Ethereum Coin Price Intraday Levels-

• Spot rate: $1178
• Trend: Bearish  
• Volatility: Medium
• Resistance level- $1222  and $1300
• Support level- $1160 and $1100

The post Ethereum Price Prediction: Why ETH Price May Drop Another 9% appeared first on CoinGape.