Ethereum (ETH) price breaks below the key support level of $1,430 today, falling to a low of $1,287. Whales liquidating their ETH positions and the Fed‘s hawkish stance on rate hikes are driving the ETH price to fall after the кошулуу. In fact, experts have earlier warned that a further fall below $1,430 risks the Ethereum price dropping to $1,000.
Ethereum Price Breaks $1430 Support
Ethereum has lost over $60 billion in market cap in a week and over $35 billion after the Merge. Traders expected a drop in Ethereum price below $1,700 will trigger shorts. Moreover, whales liquidating their ETH positions before and after the Merge pushed the price to dive to $1,460.
As warned in a previous report, the Ethereum (ETH) price has reached an inflection point and a drop below the $1,430 support could cause the price to fall to $1,000. According to analyst Big Cheds, if the ETH price doesn’t rebound above the $1,270 level, it could quickly fall below $1,000. Moreover, analyst Скотт Melker sees a buying opportunity at around $1,284.
Crypto аналитик Michael Van де Попп деп эсептейт Ethereum is weak as it lost upwards trending structure. He expects more volatility in the region between $1,200-1,300.
“Not sure whether we’ll get a bounce towards $1,425 as FED on Wednesday is most important as a decider of a trend.”
Macros Impacting the ETH Price
Ethereum (ETH) has lost its strength after it breaks below the psychological level of $1,500. Moreover, a break below the $1,430 support level led to a fall to $1,287. Currently, the Ethereum price is trading above $1,300, down nearly 9% in the last 24 hours.
The U.S. Federal Reserve will announce the rate hike during the FOMC meeting on September 21. Market experts predict a 75 bps rate hike сентябрда жана 50 bps курсу ноябрь жана декабрда көтөрүлөт. ылайык CME FedWatch куралы, 75 бит/с чендин көтөрүлүшү ыктымалдыгы 80% түзөт.
Moreover, the U.S. dollar index has again climbed over 110. Thus, it has resulted in a massive sell-off in the crypto market in the last 24 hours, making the ETH price to also fall.
Сунушталган мазмун автордун жеке пикирин камтышы мүмкүн жана базар шартына ылайык. Криптовалютага инвестиция салуудан мурун, базарыңызды изилдеңиз. Сиздин жеке материалдык чыгымыңыз үчүн автор же басылма эч кандай жоопкерчилик тартпайт.
Source: https://coingape.com/this-level-crucial-ethereum-eth-price-breaks-key-support/