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NewsBTC 2022-10-07 19:35:18

Ethereum Drops To $1,300 Amid Bear Assault, What’s Next For ETH Price?

Ethereum has been following the general trend in the crypto market, giving back its profit obtained over the past week. The cryptocurrency was moving in tandem with Bitcoin and large cryptocurrencies, but now ETH’s price is reacting to new economic data published in the United States. Related Reading: Bitcoin Leverage Ratio Hits New ATH, Market In For A Rough Ride? At the time of writing, Ethereum trades at $1,300 with a 2% loss and sideways movement in the last week. Other cryptocurrencies in the top 10 by market capitalization record similar price action with the exception of XRP. This token is showing strength against the trend and continues to knock on profits over the same period. Ethereum Inbound For Another Sideways Week Data from Material Indicators (MI) shows that Ethereum is seeing some bids at its current levels. This could signal a short-term rally into previous resistance levels neat $1,340 with potential for $1,400. As seen in the chart below, the Ethereum price has reacted relatively well to the recent price action with bid (buy) liquidity coming in at today’s low. This has supported the price of ETH allowing it to bounce into the area of around $1,340. Earlier today, the second cryptocurrency by market cap was experiencing a spike in selling from all investors, from retail to whales. However, the selling has been mitigated in recent hours with large players with bid orders of as much as $100,000 buying into Eth...

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