Ethereum (ETH) Price Analysis: Ethereum May Further Decline If the $310 Support Cracks

Ethereum (ETH) Price Analysis: Ethereum May Further Decline If the $310 Support Cracks

Key Highlights
Ethereum may retrace to $310 low
The biggest altcoin will reach a low of $241 if the selling pressure persists

Ethereum (ETH) Current Statistics
The current price: $359.92
Market Capitalization: $40,534,201,766
Trading Volume: $17,001,712,126
Major supply zones: $280, $320, $360
Major demand zones: $160, $140, $100

Ethereum (ETH) Price Analysis September 16, 2020
The biggest altcoin has fallen to $360 at the time of writing. The current retracement was as a result of the rejection at the $390 high. The price is falling to the $310 support. If the bears break the $310, the market will drop to $241 low.

The downtrend will continue to $206 if the selling pressure persists. On the upside, if buyers push price above $400 high, the upside momentum will resume. In the meantime, Ether is retracing to the support at $310 low. The market may resume bullish momentum if the $310 support holds.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ethereum is on an ascending channel. The price is falling towards the support line of the ascending channel. A break below the support line and the price is sustained will mean a further downward movement of the coin. However, if price bounces and holds above the support line, it will mean a resumption of the upward move. Ethereum shows a sign of falling as price is below the EMAs.

ETH/USD – Daily Chart

Conclusion
The coin is on a downward move and it is approaching the low at $310. What is not clear is whether the downtrend will extend beyond $310. On September 5 downtrend, a green candle body tested the 61.8 % Fibonacci retracement level. It indicates that ETH will fall to 1.618 Fibonacci extension or $241 low if the support at $320 is breached.



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