Ethereum (ETH) Continues To Lose Luster, Drops Below $1,100 Support

Ethereum (ETH) emerged as the best-performing cryptocurrency last week, with a 10 percent increase. Moreover, it was stated that the recently constructed ascending trendline for the cryptocurrency should boost ETH higher if market conditions were truly optimistic. The ETH price exhibited early signs of weakness as the decentralized smart contract token failed to soar over the steep trendline. On Tuesday, a new negative thesis predicted that the $1,122 level will be breached with objectives in the vicinity of $1,000. Wednesday’s cryptocurrency price analysis is bleak, as market observers have noticed a sharp decrease over the previous 24 hours and a clear breach below the $1,100 support. Therefore, ETH is likely to decline further and will attempt to breach the next weak support level around $1,050. Image - Today's Crypto News Suggested Reading | Tezos (XTZ) Nears 3-Week High – Can Bulls Barrel Towards $1.80? Ethereum Pegged At $1,070, Down Nearly 6% In Last 7 Days As of this writing, ETH is trading at $1,070, a decrease of 5.9 percent over the past week, according to data released by Coingecko on Wednesday. In the previous 24 hours, the market has traded predominantly in the red as the worldwide selloff continues. Bitcoin (BTC), the leading cryptocurrency, fell 4.27 percent. Meanwhile, the majority of the leading cryptocurrencies saw similar outcomes. If the favorable scenario materializes, the bulls will break abov...