Here’s Why The Ethereum Price Is Likely To Break $1200 Support

On October 8th, the higher price rejection at $1400 resistance level indicates the traders continue to face selling pressure. Today, the Ethereum price is down 1% and currently trades at $1338. However, this current sell-off could be aligned with the increasing possibility of another of 75 bps Fed rate hike in November.

Key points: 

• The Ethereum price has been stuck in a no-trading zone since the last three weeks.
• A breakout from the range barrier will undermine the near term future for Ether 
• The intraday trading volume in Ethereum is $10.3 Billion, indicating a loss of 16%. 

Source-Tradingview

Following the September third week sell-off which tumbled the ETH/USDT pair to 0.786 Fibonacci retracement level, the price action started walking a lateral path. Thus, it’s been nearly three weeks since the altcoin has been resonating between the $1400 and $1250 barriers.

The decreasing volume activity throughout the consolidation phase and long-wick rejection candles on either side of the range, indicates uncertainty among market participants. However, such rectangle consolidation usually offers a directional move once