Amidst the ongoing overall crypto market volatility, the second largest cryptocurrency by market cap, Ethereum has been making to and fro movement between $1290 and $1383 since a week now.
At the time of reporting, Ethereum is selling at $1,315 with a fall of 0.85% over the last 24hrs. While the lead altcoin is holding on to its $1,300 range, lack of selling pressure is indicating a mild volatility. The immediate resistance lies at $1,325 and $1,330 along with a major resistance at $1,350 area.
Ethereum Price Below $1,200 Level
If Ethereum continues the present trend and fails to move above $1,350, the currency might continue its downward move and land near $1,305 and below. There is also a chance of losing its $1,300 area if the downfall continues.
It’s been observed that Ethereum has been moving around the inverted pennant pattern since a few days which is suggesting more bearish days ahead.
Whenever there is an inverted pendant pattern, there will be a triangle formation where the currency experiences a price surge before hitting the bottom and continuing downward movement. If such is the case with Ethereum, the currency will see a steep fall below $1,250 and make a move towards $1,130, calling for nearly 14% correction.
Overall the market experts suggest not a good time to invest in Ethereum as by Oct 16, ETH is expected to plunge 7.12% of its value where it will be trading near $1,237.
On the other hand, as per the Fear and Greed Index, Ethereum has hit a 22 mark which points towards extreme fear.
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