Ethereum is currently at the mercy of sellers that could put a huge dent on its bullish momentum and pull it back to the $1,500 region, or even lower.<\/p>\n
The king of all altcoins took advantage of the crypto market\u2019s late October push, surging all the way to $1,655. It tried to move past this particular territory to be closer to its $1,700 target.<\/p>\n
ETH is steadily holding the $1,600 zone, for now
\nEthereum could retest the $1,500 support level due to tremendous selling pressure
\nThe altcoin is forecasted to trade below $1,400 30 days from now<\/p>\n
But the effects of the Federal Reserves\u2019 75 bps interest rate hike caught up with the cryptocurrency and made it fall all the way down to $1,500 once again.<\/p>\n
The digital asset was quick to shake this off and made a bounce back rally as it now trades at $1,615 according to latest data from Coingecko<\/a>.<\/p>\n In a span of two weeks, ETH managed to grow by 30% but if selling pressure continues to get in the way of the altcoin, it might kiss its entire recent gains goodbye.<\/p>\n As the crypto continues to hold the $1,600 marker, it will continue to attract sellers specially those who started to accumulate when ETH was struggling to even just hit the $1,400 zone.<\/p>\n Source: TradingView<\/p>\n If indeed more selling pressure comes right now, the digital currency could decline by 7% and will visit a familiar territory \u2013 the $1,500 support level.<\/p>\n This price dump will then put Ethereum in a double-top pattern which denotes an accelerated bearish cycle that will ultimately make the asset fall below the earlier mentioned support zone.<\/p>\n It gets worse for ETH as its Relative Strength Index (RSI) is showing weakness in its previous bullish movement, seemingly affirming the bearish forecasts.<\/p>\n Technical analysis points for the crypto show its current volatility level is low and therefore there is a possibility that any significant decline that will be observed from it right now could persist for a long time.<\/p>\n Coincodex, an online tracker and crypto data provider, is seeing the same bleak situation for the second largest cryptocurrency in terms of market capitalization.<\/p>\n According to its forecast<\/a>, over the next five days, ETH will trade at $1,533 as it will abandon the $1,600 region that it hit after responding positively to the October Labor Report<\/a> of the U.S.<\/p>\n The next 30 days will be worse for the crypto asset as it is predicted to drop below the $1,400 marker and will settle for a changing hands price of $1,357.<\/p>\n It would appear that Ethereum\u2019s only chance to avoid revisiting the mentioned price levels is if sellers are unable to exert strong pressure that could undermine its current bullish movement.<\/p>\n\n ETH market cap at $198.6 billion on the weekly chart | Featured image from Kryptomoney, Chart: TradingView.com<\/a><\/p>\n Disclaimer: The analysis represents the author’s personal understanding of the crypto market and should not be construed as investment advice.<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n Ethereum is currently at the mercy of sellers that could put a huge dent on its bullish momentum and pull it back to the $1,500 region, or even lower.<\/p>\n The king of all altcoins took advantage of the crypto market\u2019s late October push, surging all the way to $1,655. It tried to move past this particular territory to be closer to its $1,700 target.<\/p>\n ETH is steadily holding the $1,600 zone, for now But the effects of the Federal Reserves\u2019 75 bps interest rate hike caught up with the cryptocurrency and made it fall all the way down to $1,500 once again.<\/p>\n The digital asset was quick to shake this off and made a bounce back rally as it now trades at $1,615 according to latest data from Coingecko<\/a>.<\/p>\n In a span of two weeks, ETH managed to grow by 30% but if selling pressure continues to get in the way of the altcoin, it might kiss its entire recent gains goodbye.<\/p>\n As the crypto continues to hold the $1,600 marker, it will continue to attract sellers specially those who started to accumulate when ETH was struggling to even just hit the $1,400 zone.<\/p>\n Source: TradingView<\/p>\n If indeed more selling pressure comes right now, the digital currency could decline by 7% and will visit a familiar territory \u2013 the $1,500 support level.<\/p>\n This price dump will then put Ethereum in a double-top pattern which denotes an accelerated bearish cycle that will ultimately make the asset fall below the earlier mentioned support zone.<\/p>\n It gets worse for ETH as its Relative Strength Index (RSI) is showing weakness in its previous bullish movement, seemingly affirming the bearish forecasts.<\/p>\n Technical analysis points for the crypto show its current volatility level is low and therefore there is a possibility that any significant decline that will be observed from it right now could persist for a long time.<\/p>\n Coincodex, an online tracker and crypto data provider, is seeing the same bleak situation for the second largest cryptocurrency in terms of market capitalization.<\/p>\n According to its forecast<\/a>, over the next five days, ETH will trade at $1,533 as it will abandon the $1,600 region that it hit after responding positively to the October Labor Report<\/a> of the U.S.<\/p>\n The next 30 days will be worse for the crypto asset as it is predicted to drop below the $1,400 marker and will settle for a changing hands price of $1,357.<\/p>\n It would appear that Ethereum\u2019s only chance to avoid revisiting the mentioned price levels is if sellers are unable to exert strong pressure that could undermine its current bullish movement.<\/p>\nSellers Could Push Ethereum To Test A Familiar Support Level<\/h2>\n
Coincodex Sees The Same For Ethereum<\/h2>\n
\nEthereum could retest the $1,500 support level due to tremendous selling pressure
\nThe altcoin is forecasted to trade below $1,400 30 days from now<\/p>\nSellers Could Push Ethereum To Test A Familiar Support Level<\/h2>\n
Coincodex Sees The Same For Ethereum<\/h2>\n