ETH Technical Analysis: Fallout Rally Warns Ether Price Drop Below $1400

The Ethereum (ETH) prices fall with a consolidation range breakout after failing to sustain above the 50 SMA. Will the downtrend drop prices under $1400? Key Technical Points: The ETH prices dropped by 6% in the last 24 hours. The fallout rally approaches the 100 SMA at the $1360 mark. The 24-hour trading volume of Ethereum is $20.13 billion, indicating a gain of 2.13%. Past Performance of ETH As mentioned in our previous article, the ETH prices failed to exceed the $1650 level and retrace to retest the $1400 mark. In the 4-hour technical chart, the bearish breakout of the consolidation range also breaks the 50 SMA and the $1478 support level. Currently, prices have depreciated by 12.5% within the last 48 hours and approaches the 100 SMA. Source – Tradingview ETH Technical Analysis The sudden spikes in the intraday trading volume supporting the bearish candles in ETH prices indicate a massive supply inflow. Hence, the traders can expect the fallout rally to crack the $1360 support level. As the Ethereum market value falls under the 50 SMA in the 4-hour chart, 100 SMA takes up the responsibility to cushion the downtrend. However, the increased selling momentum might drive the prices right through the supporting SMA to hit $1300. The falling trend in the 4-hour RSI slope forms lower lows to crack under the halfway line reflecting an increase in bearish sentiments. Moreover, the 14 SMA continues to push the slope downwards, incre...