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Ethereum price analysis: ETH crashes below $1,500 with further decline in place

Ethereum Price analysis 2022 10 17

TL;DR Breakdown

  • Ethereum price crashed almost 19 percent today
  • Major trend line formed with resistance set at $1,420
  • ETH dropped below $1,500 for the first time since October 28

Ethereum price analysis shows a significant price decline in place, as the second largest cryptocurrency fell nearly 20 percent over the past 24 hours to record lows of $1,230. Market crashes for FTX and SOL caused a mass scale decline in the cryptocurrency market, causing ETH to lose its position from the $1,500 mark. The previous level at $1,540 has formed upside resistance which would need to be breached in order to claim the previous resistance zone at $1,620. Alternatively, Ethereum price could continue to decline with the bottom support level set at $1,250.

The larger cryptocurrency market fell significantly off track from yesterday’s consolidations, as Bitcoin price declined more than 10 percent to move below the $20,000 mark for the first time in more than a month. Among leading Altcoins, Ripple showed a similar trend, dropping 13 percent to $0.40, whereas Cardano dipped 8 percent to $0.37. Meanwhile, Dogecoin faced a massive 21 percent decrement to move down to $0.08, whereas Polkadot lost 12 percent to move down to $6.26. Additionally, Solana also dropped 19 percent to crash down to $23.75.

Screenshot 2022 11 08 at 10.55.46 PM
Ethereum price analysis: Cryptocurrency heat map. Source: Coin360

Ethereum price analysis: Technical indicators show dire reading on 24-hour chart

On the 24-hour candlestick chart for Ethereum price analysis, price can be seen facing a massive correction over the past 24 hours. With a drop worth over 20 percent in a single day, ETH price recorded the lowest price of $1,232 since October 13. Trading volume picked up more than 146 percent to compound a fully bearish day’s trade for Ethereum. Price fell below all crucial moving averages, including the 9 and 21-day moving average, and the crucial 50-day exponential moving average (EMA) at $1,539.77.

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Ethereum price analysis: 24-hour chart. Source: Trading View

The 24-hour relative strength index (RSI) fell from a stable 57.79 down to current value at 38.57 to show an extremely undervalued market status for ETH. The moving average convergence divergence (MACD) curve also attempted a bearish divergence to go with the price crash today. Over the next 24 hours, ETH bulls will hope to keep price afloat the $1,240 support zone and build momentum to recover today’s decline. Alternatively, a move below $1,100 would completely wipe out the bullish thesis.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Razi Khan

Razi Khan

A Master's graduate in Renewable Energy Systems from England, UK, Razi is a tech-enthusiast. He's served as a content specialist for BlockPublisher in the US and has been an avid member of the crypto space as a journalist, trader, investor and analyst since 2018.

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