Ethereum Price Faces Sell Off, How Far Is The Correction Going To Go?

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. The broader market weakness could be blamed for most major altcoin’s southward movement on their respective charts. Ethereum price was trying to hold itself above its immediate resistance, the altcoin met with a significant sell-off. 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. 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. 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. Ethereum Price Analysis: Four-Hour Chart ETH was trading for $1,470 at the time of writing. The altcoin had tried recovering on its chart and the current price movement could be a correction. The selling pressure strengthened after Etheruem price fell below $1,500. The immediate support level for the coin stood at $1,400. If Ethereum remains above the $1,400 level, further losses could be prevented however, the coin will still n...