Ethereum Drops Sharply to the Oversold Region and Targets the Low of $1,341

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Ethereum ETH) Current Statistics
The current price: $1,359.03
Market Capitalization: $164,433,289,745
Trading Volume: $26,156,276,414
Major supply zones: $4,000, $4,500, $5,000
Major demand zones: $3,500, $3,000, $2,500

Ethereum (ETH) Price Analysis June 12, 2022
Ethereum’s (ETH) price is in a downtrend as it targets the Low of $1,341.The bears broke below the previous low and declined to the low of $1,349.90 at the time of writing. The largest cryptocurrency has fallen to the low of $1,349 which is the historical price level of February 2021. In the previous price action, the $1,349 support was holding as the crypto resumed up trending. Ether has fallen to the oversold region of the market. The current selling pressure is likely to reach bearish exhaustion.

ETH Technical Indicators Reading
Ether is at level 24 of the Relative Strength Index for period 14. The largest cryptocurrency has fallen deeply into the oversold region of the market. The coin is in a strong bearish momentum.Ether’s price bars are below the moving averages indicating a further decline. It is above the 20% range of the daily stochastic. The market is in a bearish momentum.

Conclusion
Ethereum has fallen deeply to the bottom of the chart as it targets the low of $1,341. Ether’s price has also broken below the support line of the descending channel. It indicates that selling pressure will persists. Meanwhile, on May 12 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that ETH will fall to level 1.272 Fibonacci extension or $1,370.14. From, the price action, the Fibonacci tool will hold, if the previous low is breached.

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