- ETH price reclaims its demand zone of $1,200 as the price bounces back to the $1,250 area despite the volatility in the market.
- Following a bearish trend with the current market conditions, ETH price continues to strengthen as things look uncertain for most traders and investors.
- ETH price bounces off $1,100 low on daily time frame as price targets recovery towards 50 exponential moving average (EMA)
Over the past few days, the crypto market has seen some drastic changes in sentiment, with the price of Ethereum (ETH) and other altcoins battling to survive following news that Binance will not take down FTX after due diligence. . Ethereum (ETH) price has done well over the past weeks, moving from lows of $1,300 to highs of $1,680. Most of the altcoins are trending as multiple produced gains of over 200%, with DOGE rebounding from the $0.55 area to the $0.15 highs, with many anticipating a more recovery bounce. Nevertheless, these expectations were dampened by the uncertainty surrounding the crypto market, creating a lot of fear about the market going forward. (data from Binance)
Price Analysis on Ethereum (ETH) Weekly Chart
The past few days have been filled with so much volatility in the cryptocurrency space as many altcoins have struggled to show strength after losing their key support to prevent a price drop.
The current uncertainty surrounding the market has resulted in a reluctance from traders and investors to buy altcoins, as there is no assurance that they will move forward any time soon.
The news of Binance salvaging the situation by acquiring FTX caused so much tension as the crypto space remains volatile, affecting the price of most altcoins, including the price of ETH.
ETH price declined to a weekly low of $1,100 before rallying higher in this area, which shows some great strength in the $1,300 area as the price is aiming higher. ETH price needs to rally towards the $1,450 area, acting as a demand zone to stay safe from selloff.
Weekly resistance for ETH price – $1,500.
Weekly support for ETH price – $1,100.
Price Analysis of ETH on Daily (1D) Chart
ETH price remained strong on the daily time frame as it traded above the $1,200 support level after bouncing off the $1,100 area, causing ETH to lose its demand zone from the bears.
If ETH price breaks above $1,500, we could see a further rally for ETH price; A break below the $1,100 area will lead to more selling for ETH.
Daily resistance for ETH price – $1,500.
Daily Support for ETH Price – $1,100.
Featured Image From zipmex, Charts From Tradingview