Ethereum Slumps as It May Revisit the $1,220 Low

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Key Highlights
Ether declines below the moving average lines
ETH/USD may revisit the $1,000 support

Ethereum ETH) Current Statistics
The current price: $1,273.47
Market Capitalization: $156,295,853,541
Trading Volume: $9,529,453,151
Major supply zones: $1,800, $2,000, $2,200
Major demand zones: $1, 700, $1,500, $1,300

Ethereum (ETH) Price Analysis October 10, 2022
Ethereum (ETH) is in a downtrend as it may revisit the $1,220 low. Since September 21, Ether has been confined between $1,220 and $1,400 price levels. Buyers could not break the resistance at $1,400, hence the decline. The biggest altcoin is declining to revisit the current support at $1,220. On the downside, Ether will further decline to $1,000 if the current support is breached. Nonetheless, the range-bound move will continue if the current support holds. In the meantime, Ether has reached the oversold region of the market.

ETH Technical Indicators Reading
Ether has resumed selling pressure as it is at level 38 of the Relative Strength Index for period 14. The coin is approaching the oversold region of the market. Ether will decline as the price bars are below the moving average lines. The market has reached the oversold region as it is below the 20% range of the daily stochastic.

Conclusion
Ethereum is falling as it may revisit the $1,220 low. On October 8 downtrend, ETH made an upward correction and a candle body tested the 61.8% Fibonacci retracement level. The corrections suggest that ETH will fall to level 1.618 Fibonacci extension or $1,266.95.

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