- ETH price appears primed for another 10% loss as bearish strength grows.
- The marketplace sees increased sellers, and Ether bears contemplating a downward move to $2,853.
- Dropping beneath $3,164 can mean trouble for Ethereum bulls.
Ethereum (ETH) price might experience another drop after breaching vital trend-line support. The leading meme coin contemplates a 10% downside move to a value area of $2,853. Nevertheless, the crypto will hit the pessimistic target if selling momentum intensifies and Ether secures a dependable foothold.
ETH Price Ready for Further Drops
ETH price has dropped beneath the symmetrical triangle’s lower boundary on the 12hr chart, indicating a bearish picture. The prevailing chart formation gives a downward target, taking Ether 25% lower to levels of $2,853. Meanwhile, the alt is halfway to accomplishing the negative aim.
Unfortunately, Ethereum’s price does not have much dependable defense line at the pessimistic targets. The initial barrier will emerge around the 26 September high of $3,164, the 24 September peak at $2,979. Nevertheless, failure to keep the mentioned support might see Ether hitting the $2,853 target, matching the Momentum Reversal Indicator’s support line and 127.2% FIB extension level.
IOMAP model shows that Ethereum has the first defense line around the massive buyers’ cluster, where 952,000 addresses bought 792,000 Ether coins at $3,175 average price.
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Failure to hold this support, ETH will explore the following large buyers’ cluster, with around 580,000 addresses purchasing 669,000 Ether tokens at a $2,893 average price. ETH can secure a reliable support floor at this zone.
Moreover, the TRIN, which measures total market sentiment, indicates an increase in sellers at the marketplace, confirming sell-off from panicking market players.
If ETH bulls step up to reverse the underperformances, Ethereum will meet the first resistance area at 78.6% FIB retracement zone around $3,625. More obstacles may showcase at 21 12hr Simple Moving Average at $3,697, then 61.8% IB retracement zone near $3,891, corresponding with 50 12Hr Simple Moving Average.
For now, ETH bulls need to step up for the token to cancel the bearish target. They have to control the coin above the $3,164 mark. Plummeting beneath this level will mean trouble. Meanwhile, Ether bears eye levels at $$2,853. Stay around for upcoming price movements in the crypto industry.
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