{"id":500249,"date":"2022-08-28T01:00:47","date_gmt":"2022-08-28T01:00:47","guid":{"rendered":"https:\/\/wncen.com\/?p=500249"},"modified":"2022-08-27T20:18:22","modified_gmt":"2022-08-27T20:18:22","slug":"ethereum-price-faces-sell-off-how-far-is-the-correction-going-to-go","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum-price-faces-sell-off-how-far-is-the-correction-going-to-go\/","title":{"rendered":"Ethereum Price Faces Sell Off, How Far Is The Correction Going To Go?"},"content":{"rendered":"
Ethereum price registered a fresh decline on its chart over the last 24 hours. The altcoin declined by 7% over the past day. In the last week, ETH fell by 9% and started to trade below the support level of $1,520.<\/p>\n
The broader market weakness could be blamed for most major altcoin’s southward movement on their respective charts.<\/p>\n
Ethereum price was trying to hold itself above its immediate resistance, the altcoin met with a significant sell-off.<\/p>\n
Technical outlook for the coin also pointed towards bearish strength. Buyers exited the market as soon as ETH failed to defend the immediate support level.<\/p>\n
ETH might continue to fall on the chart if the coin doesn’t manage to trade above the $1,400 price level. Bitcoin plunged to the $19,900 price mark which caused sellers to become active in the market.<\/p>\n
A fall below the $1,400 level will cause the Ethereum price to rest at the $1,367 level. Broader market support and buying strength will be needed in order for the altcoin to break its bearish thesis.<\/p>\n