Ethereum Price Analysis: Ethereum Will Further Depreciate If $300 Support Crashes

Ethereum Price Analysis: Ethereum Will Further Depreciate If $300 Support Crashes

Key Highlights
Ethereum is likely to fall and reach another low of $260
Ethereum risks further decline below $310

Ethereum (ETH) Current Statistics
The current price: $334.37 
Market Capitalization: $37,624,529,738
Trading Volume: $21,351,580,520
Major supply zones: $280, $320, $360
Major demand zones: $160, $140, $100

Ethereum (ETH) Price Analysis September 9, 2020
The biggest altcoin has been trading at $333 at the time of writing. Since September 5, Ether has been fluctuating between $300 and $380. The bears have not been able to break the current support while the bulls have not been able to push ETH above $380 high.

On the upside, the current uptrend would have resumed trending if the bulls are successful above $380. Today, the coin is falling and approaching the current support at $300. Ethereum risks further decline if the current support at $300 is breached. The coin will decline to $260 low.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
ETH price is below the EMAs which suggests that the coin may further fall. The uptrend will resume when price is above the EMAs. The crypto is also at level 39 of the Relative Strength Index period 14. The coin is approaching the oversold region of the market.

ETH/USD – Daily Chart

Conclusion
The biggest altcoin is still fluctuating above $300 support. According to the Fibonacci tool , Ethereum will fall if the $300 support is broken. On the September 5 downtrend, the coin fell to $310 and the retraced candle body tested the 78.6% Fibonacci retracement level. It is likely the market will fall and reach a low of $260 or 1.272 Fibonacci extension level.



Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results




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