Due to a sharp decline in the price of Ethereum in the past 24 hours and the subsequent test of prior support, today’s analysis of the price is negative. The ETH/USD pair is expected to drop even further later today, and if it does, it will target $1,175 as support.
Analysis of the Current Price of Ethereum
The market has generally moved in a negative direction over the past 24 hours. Compared to Bitcoin’s market leader, Ethereum fell 5.33 percent. Ripple had the best performance for the day, gaining more than 9% against the trend.
#ethereum at the 0.618 and VAL. This is the level that has to really hold. If price accepts on the htf below red box, then the door is open to take the lows. If #USDT dominance starts to build structure above monthly, then this too would be more bearish evidence. #BTC https://t.co/eS4sFCi9LU pic.twitter.com/XDZgPEedpg
— venture (@venture_charts) September 22, 2022
ETH/USD traded in a wide range of $1,229.43-$1,384.48, demonstrating significant volatility. Market value stands at $156.97 billion, but trading volume has risen by 75.93% to $23.9 billion, giving it a 16.99% share.
Ethereum’s price has fluctuated with several lower lows and highs over the past several weeks. After hitting the previous low at $1,300, ETH/USD consolidated below $1,400 this week. A further decrease is likely to follow.
Fundamentals have never been stronger, and adoption has never been higher.
Price will always follow eventually. #Bitcoin $BTC
— Crypto Rover (@rovercrc) September 22, 2022
Yesterday’s late rejection of further recovery suggests that further selling will occur tonight after a brief jump over $1,400. After breaching the $1,250 support, ETH’s price lost another 13%, indicating that the bottom has been reached.
BNB Price Prediction for Today, September 21: BNB Finds Support – https://t.co/MkiF7S2Uyw
Binance Coin Price Prediction – September 21The BNB/USD market still looks to hold a bullish momentum as the crypto trade finds support around a longing path to the north side. Price has … pic.twitter.com/Q6nmP8XLeC
— CryptoSavedMe (@CryptoSavedMe_) September 22, 2022
Ethereum’s price has since climbed rapidly back up to the $1,300 barrier, where it reached its last low. Furthermore, the price of ETH/USD has been trending downward once again over the last several hours, suggesting that sellers will continue to sell over the next 24 hours.