Ethereum (ETH) Price Testing Decisive Levels, More Bearish Trend on the Cards?

Ethereum price appears to be closer to registering yet another massive fall of more than 7% to 10% during the weekend as the latest market sentiments turn bearish. The crypto space was left drained soon after the Fed Chairman, Jerome Powell spoke at a conference, assuring stringent measures to curb the raising inflation. 

Bitcoin price marked new monthly lows below $20,000 and ETH price followed the star crypto to plunge below $1500. The ETH price received huge bearish pressure in the past trading day which compelled the price to test the lower support of the rising parallel channel. However, the present day action dragged the price lower by more than 5%. 

Also Read: Ethereum Price Analysis: Levels to be Closely Watched in the Upcoming 24 to 48 Hours!

The second-largest crypto is expected to continue with a sideway trend until the day’s close and try to regain its position within the channel. However, the bears still dominate the rally and hence may restrict the price below $1550 which may fuel a bearish weekend. 

Yet another major chart pattern that flashes huge bearish signals is the formation of the ‘Head & Shoulder’ pattern. As rightly pointed out by one of the popular analysts, the ETH price is testing the neckline at the moment. 

The Ethereum (ETH) price currently appears to have stuck with a bearish trend. While one wrong step may drag the price towards lower support which is around $1269 as per the analysts.