Overview
Ethereum's price has lost two critical support levels: the ascending trendline and the $1,220 mark. While local support at $1,160 currently prevents further decline, a minor rebound to the $1,220 resistance-turned-supply zone could renew selling pressure. How far might this potential downtrend take ETH?
Key Takeaways
- A bullish retracement could temporarily lift ETH by 4% before the next bearish cycle.
- The rising ADX indicator signals strengthening bearish momentum.
- Ethereum's intraday trading volume hit $3.1 billion, reflecting a 52% loss.
Technical Breakdown
The recent recovery phase formed a rising wedge pattern—a convergence of trendlines indicating weakening bullish momentum. This pattern, combined with broader crypto market sell-offs, triggered a 10.8% ETH price drop over five days. The collapse below $1,222 and the trendline support has left the token trading at $1,177.
Short-Term Outlook
- A minor bullish retracement may test $1,220 as new resistance.
- Sustained selling pressure could drive an 8.5% decline toward the $1,100–$1,080 support zone.
- Conversely, holding $1,160 may allow buyers to regain control.
Indicators
📉 MACD:
The bearish crossover between MACD and signal lines confirms aggressive selling momentum.
📊 EMAs:
ETH trades below all key EMAs (20, 50, 100, 200), reinforcing the bearish trend.
Price Levels
- Current: $1,178
- Trend: Bearish
- Volatility: Moderate
- Resistance: $1,222 → $1,300
- Support: $1,160 → $1,100
👉 Track real-time ETH price movements
FAQs
Q: What’s driving Ethereum’s price drop?
A: Breakdown of key supports ($1,220 + trendline) and broader crypto market weakness.
Q: Is $1,100 the next major support?
A: Yes, but a drop below $1,160 could accelerate selling toward $1,100–$1,080.
Q: Could ETH rebound soon?
A: Temporary retracements are possible, but the overall trend remains bearish.