Ethereum Price To Plummet Nearly 15% In the Coming Days

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Ethereum (1)

The post Ethereum Price To Plummet Nearly 15% In the Coming Days appeared first on Coinpedia Fintech News

Amidst the ongoing overall crypto market volatility, the second largest cryptocurrency by market cap, Ethereum has been making to and fro movement between $1290 and $1383 since a week now.

At the time of reporting, Ethereum is selling at $1,315 with a fall of 0.85% over the last 24hrs. While the lead altcoin is holding on to its $1,300 range, lack of selling pressure is indicating a mild volatility. The immediate resistance lies at $1,325 and $1,330 along with a major resistance at $1,350 area.

Ethereum Price Below $1,200 Level

If Ethereum continues the present trend and fails to move above $1,350, the currency might continue its downward move and land near $1,305 and below. There is also a chance of losing its $1,300 area if the downfall continues.

It’s been observed that Ethereum has been moving around the inverted pennant pattern since a few days which is suggesting more bearish days ahead.

Whenever there is an inverted pendant pattern, there will be a triangle formation where the currency experiences a price surge before hitting the bottom and continuing downward movement. If such is the case with Ethereum, the currency will see a steep fall below $1,250 and make a move towards $1,130, calling for nearly 14% correction.

Overall the market experts suggest not a good time to invest in Ethereum as by Oct 16, ETH is expected to plunge 7.12% of its value where it will be trading near $1,237.

On the other hand, as per the Fear and Greed Index, Ethereum has hit a 22 mark which points towards extreme fear.