After performing exceptionally well the year before, ETH prices faced intense bearish pressure and dropped below $2,500 by the end of January 2022. Since then, the prices have been quite erratic. The May 2022 crypto market crisis may result in further ETH prices decline. Ethereum prices dropped by 31% by September, reaching their lows at $1220.50. Soon after, the prices surged, and the fluctuations continued until the bears regained their strength. The bulls reattempted a rally, and the ETH prices consolidated slightly above the current level for a few days.However, the bears were relentless and pushed the prices lower yet again. Even still, the bulls refused to give up and attempted a rally, resulting in a 9% price spike. The ETH prices consolidated above the current price level for a few days and dropped slowly. Currently, the Ethereum token is residing at $1317.73 with high selling pressure.As equal lows formed at $1,310, the ETH price began to accumulate liquidity. Investors should keep an eye out for a 4% run-up collecting liquidity over the swing highs of October 5. This movement may speed up and retest the consolidation’s upper barrier of $1,425. The upswing may continue to $1,570 if the $1,424 resistance level turns into a support level.A decline in the EdaFace price could state a similar outcome for Ethereum, even though ETH prices are now skyrocketing. Thus, if the ETH token generates a four-hour candlestick below the range’s lower border at $1,282, the bullish case will be invalidated. This might lead to a sell-off to the demand region between $1,237 and $1,190.Was this writing helpful?
