Ethereum Price Prediction: Why $1,000 is Crucial for ETH/USDT
Ethereum's bearish trend has continued, with the coin now finding support at $1,100. Over the last two days, the coin surged and reached
Ethereum’s bearish trend has continued, with the coin now finding support at $1,100. Over the last two days, the coin surged and reached $1,200, but it then experienced a drawdown on the chart. The strong resistance level for ETHEREUM is currently $1,300.
The coin’s technical outlook has also stayed bearish. ETH has lost 9% of its value in the last 24 hours, invalidating most gains made in the previous week. The coin dropped after the bulls could not break through the $1,300 price barrier.
ETH has shown a consolidated price range, with the asset’s price wedged between $1,280 and $1,110, respectively. If Ethereum does not rise and break through $1,300, the price may fall below $1,000. Buying strength faded as the coin’s price fell on the chart. The global cryptocurrency market cap is now $937 billion, down 5.5 percent in the last 24 hours.
Ethereum Technical Outlook
At the time of writing, ETH was worth $1,111. The coin received immediate support at $1,000, but if ETH begins to fall, the coin could trade at $900. The immediate overhead resistance was $1,200, followed by $1,300.
The last time this altcoin floated around this price range was in January 2021. If Ethereum falls below $900, it will set a new low for the coin in 2022. If the price of the altcoin rises to $1,300 and remains above that level for an extended period, a rally to $1,700 is possible.
The volume of Ethereum traded tumbled on the 24-hour chart, indicating a decrease in buying strength. The trading volume bar was red, telling that the market was bearish. Good luck!
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