Ethereum Risks Further Decline as It Turns Down from the $1,400 Resistance Zone

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Key Highlights

Ether price breaks below $1,400 support
ETH/USD may decline to $1,100 support

Ethereum ETH) Current Statistics
The current price: $1,340.45
Market Capitalization: $164,152,937,251
Trading Volume: $164,152,937,251
Major supply zones: $1,800, $2,000, $2,200
Major demand zones: $1, 700, $1,500, $1,300


Ethereum (ETH) Price Analysis September 20, 2022
Ethereum’s (ETH) price is in a downtrend as it turns down from the $1,400 resistance zone. On September 19, Ether declined to the low of $1,287.80 and made an upward correction. The upward correction is facing rejection at the $1,400 resistance zone. The selling pressure will resume if buyers fail to breach the initial resistance at $1,400. There is a likelihood of further retracement to the downside. On the upside, Ether will regain bullish momentum if the resistance at $1,400 is breached. Buyers will attempt to push the altcoin to the previous high of $1,800.

Ethereum Risks Further Decline as It Turns Down from the $1,400 Resistance Zone
ETH/USD – Daily Chart

ETH Technical Indicators Reading
The biggest altcoin is at level 37 of the Relative Strength Index for period 14. It is in the downtrend zone and may further decline. The price bars are below the moving average lines as the market reaches bearish exhaustion. The altcoin is below the 50% range of the daily stochastic. Ether is in a bearish momentum.


Conclusion
Ethereum is in a downward move as it turns down from the $1,400 resistance zone. 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 $1,160.09. From the price action, Ether is struggling below $1,400 resistance zone.

Ethereum Risks Further Decline as It Turns Down from the $1,400 Resistance Zone
ETH/USD – 4 Hour 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.