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HomeAnalysisETH Facing Crucial Support, Is Dump to $1000 Next? (Ethereum Price Analysis)

ETH Facing Crucial Support, Is Dump to $1000 Next? (Ethereum Price Analysis)

As expected, the FOMC-mandated 75 bps rally had a negative impact on traditional cryptocurrency markets. Ethereum (ETH) plunged 13% to $1200, its lowest level since mid-July.

technical analysis

grizzly bear

daily chart

ETH is currently trading inside the key support zone between $1230 and $1280 (green) along with the 0.618 Fib retracement level at $1210 (yellow). After reaching this Fib level, ETH rose 6% earlier today.

If this level collapses in the next few days, $1,000 will likely become the next critical support.This scenario will not be triggered until ETH breaks below $1,210. Conversely, if the bulls break out of the range, the next major resistance is $1420 (red).

Expectations of a trend reversal will be revived when the candle closes above this level. Otherwise, the rise could be considered a pullback.

Primary support levels: $1210 & $1000

Main resistance levels: $1420 & $1650

Daily moving average:

MA20: $1536
MA50: $1633
MA100: $1468
MA200: $2016

ETH/BTC chart

Yesterday, after more than two months, the ETH/BTC trading pair closed below the 200-day moving average line (shown in white). Given the prevailing bearish market sentiment, 0.065 BTC (green) is likely to retest as support.

The bulls are likely to defend that level. This scenario will be invalidated if the price breaks above the daily MA200 at 0.069 BTC.

Primary support levels: 0.065 & 0.06 BTC

Main resistance levels: 0.069 & 0.075 BTC

On-chain analysis

Active Address (SMA 30)

meaning: Total number of unique active addresses including senders and recipients.

On-chain data shows that the number of active addresses on the network often increases after a bullish trend, which is a sign of growing on-chain activity.

Even if this index has risen slightly in recent days, it is still not noticeable.

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Cryptocurrency charts by TradingView.

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