Unlike the US dollar, Ethereum continued to fall below the $1,240 level of support. Now the Ethereum bulls have woken up after four years to transfer 22,982 ETH. However, ETH continues to be at danger of more losses below the $1,220 support in near future.
The price of ethereum was unable to recoup losses, and it continued to fall below the $1,250 mark. Similar to bitcoin, ETH even went below the $1,240 support level and the 100 hourly simple moving average.
The price even challenged the $1,220 support as it entered a short-term negative zone. Near $1,220, a low has developed and is presently consolidating losses. The price of ether is currently trading below both the 100 hourly simple moving average and the $1,250 mark.
Investors were confused when two accounts that had been inactive for more than four years unexpectedly reactivated to send 22,982 ETH to new addresses. The ETH coins in issue were discovered moving 13,103.99 ETH and 9,878 ETH, respectively, from the trading platforms Genesis and Poloniex.
Ethereum may keep falling if it is unable to go over the $1,250 resistance. The $1,220 mark provides some initial support on the downside.
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The next significant support is close to the $1,200 mark. The price may possibly fall toward the $1,165 support if there is a break and close below $1,200. The $1,075 support might be approached if there are any more losses.
The short-term support level of $1100 will be retested by the price of ethereum in order to continue its upward trend. The coins tested the higher range many times in the previous month but were rejected each time. This asserts that there is significant bear positioning near the $1300 mark, which bulls cannot overcome.