Ethereum Is Unable to Breach $1,400 as It Declines to $1,162

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Key Highlights
Ether resumes selling pressure as it faces rejection at $1,400
ETH/USD targets the low of $1,162

Ethereum ETH) Current Statistics
The current price: $1,282.08
Market Capitalization: $157,127,652,950
Trading Volume: $18,061,241,655
Major supply zones: $1,800, $2,000, $2,200
Major demand zones: $1, 700, $1,500, $1,300


Ethereum (ETH) Price Analysis September 27, 2022
Ethereum’s (ETH) price is in a downtrend as it declines to $1,162. The selling pressure may extend to the low of $1,029.90. The biggest altcoin is declining to the current support at $1,220. The selling pressure will commence if price breaks below the $1,220 support. The current price level is the resistance level of July 8. Ether will further decline to a low of $1,029.90 if sellers breach the current support . However, if Ether declines and holds above the current support, the cryptocurrency will begin the resumption of an upward move.

Ethereum Is Unable to Breach $1,400 as It Declines to $1,162
ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ether is at level 37 of the Relative Strength Index for period 14. The biggest altcoin is in the downtrend zone and may further decline. The crypto’s price bars are below the moving average lines, hence the continuous fall. The altcoin is below the 40% range of the daily stochastic. Ether is in a bearish momentum as it resumes selling pressure.


Conclusion
Ethereum has resumed selling pressure as it declines to $1,162. 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. From the price action, Ether has declined to the low of $1,277.

Ethereum Is Unable to Breach $1,400 as It Declines to $1,162
ETH/USD – Daily Chart

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.