- ETH price lost its $1,500 support as the price traded towards the $1,250 area before bouncing off this area.
- Looking at the current market conditions, the price of ETH remains bearish, as things look uncertain for most traders and investors.
- The price of ETH remains weak across all time frames as the price is between 50 and 200 . trades above exponential moving average (EMA).
The past weeks saw the price of Ethereum (ETH) and most altcoins trending up over 200% in the form of multiple produced gains, with the price of Ethereum (ETH) rising from the $1,300 zone to the $1,600 high, In which many people were expecting the price of ETH. A nice price action in the $2,000 area would pull off. Nevertheless, these expectations were dampened by the uncertainty surrounding the crypto market. ETH price looks weak with the current market issue between Binance and FTX causing uncertainty and fear of doubt for most traders and investors. (data from Binance)
Price Analysis on Ethereum (ETH) Weekly Chart
Several altcoins posted gains of over 200% over the past week after exiting their range-bound movement in the past 7 days, as many believe more hope is returning to the crypto space.
The new week has not yet started like the last, as most of the altcoins, including ETH, are affected by the current market conditions as the price of ETH is declining from their weekly highs.
Nevertheless, ETH price remains bearish after breaking below its weekly high of $1,450, which has acted as a support and demand zone for months now, preventing the price from selling. ETH price retesting the $1,200 support does not bode well for the market as it will weaken this area so that the bears can drive the price lower.
ETH price needs to rebound from this area to look safe and avoid falling below its weekly lows, as this would affect general market sentiment. If the price fails to sustain at $1,200, we can see ETH price drop to $1,000 and lower.
Weekly resistance for ETH price – $1,400.
Weekly support for ETH price – $1,200-$900.
Price Analysis of ETH on Daily (1D) Chart
ETH price remained fairly strong on the daily time frame as the price settled above the $1,200 support level, preventing the price from turning lower after retracing this area on the previous bar, to initiate a rally towards the $1,500 area. To jump
ETH price closed above $1,200 on the daily time frame, which indicates that an upside move for ETH is more likely as the market continues to correct in the coming days.
ETH price needs to rally towards the $1,450 area to temporarily keep the price safe, which could lead to a relief rally. If the $1,200 price fails to catch the bears, we can see that the price declines towards the $1,000-$900 area.
Daily resistance for ETH price – $1,450.
Daily support for ETH price – $1,200-$900.
Featured Image From zipmex, Charts From Tradingview