Ethereum (ETH) Price Analysis: Expecting a Test of $1,150 Shortly

The long-term correction might have started on the cryptocurrency market as most of the coins are in the red area. Mainly, Polkadot (DOT) has shown a 7.35% decrease over the last day.

The drop of the coins has affected the total market capitalization, which has dropped below $1 trillion and is now $943 billion.

The relevant data for Ethereum is looking the following way:

• Name: Ethereum

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• Ticker: ETH

• Market Cap: $143,110,153,054

• Price: $1,248.45

• Volume (24h): $46,185,489,059

• Change (24h): -3.14%

The data is relevant at press time.

ETH/USD: Can bulls hold the $1,100 level?

Even though Ethereum (ETH) is not as bearish as Bitcoin (BTC), the price change of the chief altcoin has accounted for -2.70 over the past 24 hours.

On the hourly chart, Ethereum (ETH) might show a short-term bounceback before a further drop. Such a move is supported by the high buying trading volume and relatively high liquidity. In this case, the rise may last until the closest resistance at $1,320.

On the 4H time frame, the situation is bearish as bulls have failed to fix above $1,250. Thus, Ethereum (ETH) is located below the MA 50, which confirms sellers' power.

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In this regard, there are chances of seeing the leading altcoin at $1,150 soon.

On the bigger chart, the key support is located around the $1,130 mark. Thus, a huge amount of liquidity is also focused there that considers a short-term bounceoff from that area.

Ethereum is trading at $1,223 at press time.