Ethereum (ETH) Price Analysis: Ether Loses Crucial Support, May Slump to $240 Low

Ethereum (ETH) Price Analysis: Ether Loses Crucial Support, May Slump to $240 Low

Key Highlights
Ether resumes selling pressure, may fall below $300
Ethereum loses $350 critical support

Ethereum (ETH) Current Statistics
The current price: $337.62
Market Capitalization: $38,117,794,920
Trading Volume: $13,669,638,657
Major supply zones: $280, $320, $360
Major demand zones: $160, $140, $100

Ethereum (ETH) Price Analysis October 7, 2020
Ether has resumed a downward move after the bulls fail to sustain price above the $350 support. Buyers fail to hold on the price after three days of price tussle with sellers. The bears broke the $350 support and after retesting it, the downtrend resumes.

The biggest altcoin is trading at $336 at the time of writing. If the crypto retraces and breaks below the current support at $313, the selling pressure will persist. Conversely, if the support above $300 holds, the market will continue the upward move. Otherwise, the downtrend will continue.

ETH/USD -Daily Chart

ETH Technical Indicators Reading
Yesterday, ETH price faces rejection at the 21-day SMA as price resumes a downward move. The coin is at level 41 of the Relative Strength Index period 14. It indicates that the coin is in a downtrend and below the centerline 50.

ETH/USD – Daily Chart

Conclusion
Ethereum is falling as a result of losing the $350 support level. On September 23 downtrend; the retraced candle body tested the 50% Fibonacci retracement level. This gives the impression that the coin will further decline to 2.0 Fibonacci extension level. That is a low of $237.02.



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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.