Ethereum Continues Its Decline as Sellers Threaten to Reach the $1,192 Low

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Key Highlights

Ether price faces rejection at $1,800 resistance zone
ETH/USD risks further decline

Ethereum ETH) Current Statistics
The current price: $1,286.55
Market Capitalization: $157,633,438,122
Trading Volume: $11,352,200,714
Major supply zones: $1,800, $2,000, $2,200
Major demand zones: $1, 700, $1,500, $1,300


Ethereum (ETH) Price Analysis September 25, 2022
Ethereum’s (ETH) price is in a downtrend as sellers threaten to reach the low of $1,192. On September 10, buyers have earlier failed to sustain the bullish momentum above the moving average lines, hence the selling pressure. On the downside, the bears have broken the $1,400 support, signaling a fresh decline. Ether would have resumed a fresh uptrend if Ether holds and rebounds above the $1,400 support. The current downtrend may extend to the next support at $1,192 or $1,029 price level.

ETH Technical Indicators Reading
Ethereum is at level 36 of the Relative Strength Index for period 14. The altcoin is in the downtrend zone as it may further decline. The price bars are below the moving average lines, signaling further downward move. The altcoin is below the 50% range of the daily stochastic. Ether is in a bearish momentum.


Conclusion
The biggest altcoin has continued its decline as sellers threaten to reach the low of $1,192. Ether turned down from the moving average lines and broke below the $1,400 support. The bears have broken the $1,400 support and retested it. Meanwhile, on the September 19 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests ETH will fall to level 1.618 Fibonacci extension or $1,162.82.

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