Ethereum Breaks Below $1,300 – What Could Drive Further Downtrend?

Ethereum has failed to break through the $1,300 barrier level versus the US dollar. ETH is falling and could fall below the $1,265 support

Skerdian Meta•Thursday, October 13, 2022•1 min read

Ethereum Breaks Below $1,300 - What Could Drive Further Downtrend?

Ethereum has failed to break through the $1,300 barrier level versus the US dollar. ETH is falling and could fall below the $1,265 support level. From the $1,265 support level, ETHEREUM began a brief upward correction. ETH fell as low as $1,268 before rising above the $1,280 mark.

The price broke over the 23.6% Fib retracement level of the decline from the $1,338 swing high to the $1,268 low. The price of ether even attempted to break through the $1,300 resistance zone and the 100 hourly simple moving average.

However, the bulls could not gain traction for a close above $1,300. The price of Ethereum failed to clear the 50% Fib retracement level of the decline from the $1,338 swing high to the $1,268 low.

ETH/USD

Also, on the hourly chart of ETH/USD, there was a break below a significant rising channel with support at $1,290. The pair trades below $1,300 and the 100 hourly simple moving average. The $1,298 level is immediate upward resistance.

Ethereum (ETH/USD) Technical Outlook

The first substantial resistance is located near $1,300. A decisive break above the $1,300 resistance zone might pave the way for a persistent rise. The price may move toward the $1,350 resistance in the scenario above. Furthermore, it may aid in the growth of bitcoin and other cryptocurrencies.

If Ethereum fails to break through the $1,300 barrier, it may continue to fall. On the downside, an initial support level is near $1,275. The next significant support level is $1,265. A breach below $1,265 might trigger a severe fall toward $1,200. Any further losses might pave the way for a move toward the $1,000 level of support.

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Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.