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Technical Analysis for ETHUSD for 28th September 2022

Ethereum Drops, will ETH Prices hold above $1.23k?

Past Performance of ETH

Ethereum gains of September 27 were quickly wiped by the close of yesterday’s bar. Thus far, price action tilts to favor bears from mid this month. The odds of ETH prices caving in further and registering new monthly lows are elevated reading from candlestick arrangement in the daily chart.

Ethereum Technical Analysis

Sellers have the upper hand at spot rates, building on gains early last week. From a top-down analysis, bears are stronger and continue to reign. Therefore, for buyers to succeed and ETH to turn the corner, traders should reject attempts to push prices lower, sustaining prices above last week's lows at around $1.23k. Accordingly, in light of this current development, conservative traders can wait for a clean break above $1.5k or $1.23k before initiating traders. If sellers emerge on top, losses below $1.23k would see ETH meltdown towards $1.1k and even $1k in the short term.

What to Expect from ETH

The downward momentum is strong and sellers are firm. The Reversal of September 27 is enough evidence of their grip on price action. With selling pressure of yesterday spilling over to early Asian session, it is highly likely that ETH may slip to print new September lows in a bear trend continuation formation.

Resistance level to watch: $1.5k

Support level to watch: $1.23k

Disclaimer: Opinions expressed are not investment advice. Do your research.

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