How Far Will ETH Drop After Breaking Immediate Support Level?

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How Far Will ETH Drop After Breaking Immediate Support Level
  • ETH’s price is down over the past 24 hours, according to CoinMarketCap.
  • The latest BTC sell-off has seen sellers enter the crypto market.
  • A technical outlook for ETH points towards bearish strength.

The price of Ethereum (ETH) is down by 7% over the past 24 hours, according to CoinMarketCap. Furthermore, ETH’s price fell by 9% over the past seven days, with the latest movement adding to the negative trend. This has pushed ETH’s price below the $1,520 support level.

Although ETH’s price fought to remain above the immediate resistance, it was no match for bears as the altcoin was met with a significant sell-off – pushing it below the resistance level.

A technical outlook for the coin also points towards bearish strength, and buyers exited the market as soon as ETH failed to defend the immediate support level.

ETH may continue to fall on the chart if it cannot trade above the $1,400 price level. This bearish argument is strengthened since sellers have entered the market with BTC’s latest sell-off, which saw BTC’s price plunge below the $20k mark.

A fall below the $1,440 level will cause ETH’s price to rest at the $1,367 level. There will need to be broader market support and buying strength for the altcoin to break its bearish thesis.

4-hour chart for ETH/USDT (Source: CoinMarketCap)

Looking at the 4-hour chart for ETH/USDT, the price of ETH can be seen nosediving as the 9 EMA line crossed below the 20 EMA line, signaling the start of the bearish pressure. However, the price of ETH looks to now make a comeback as it heads towards the 9 EMA line.

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