- ETH price lost its $1,200 demand zone in the early hours as Binance rejected the FTX acquisition, with the price reacting with a bounce from its daily low.
- Looking at the current market conditions, the price of ETH remains bearish, as things look uncertain for most traders and investors.
- ETH price jumps from lows of $1,100 on daily time frame as price trades for 50 and 200 exponential moving average (EMA)
Over the past two days, the crypto market has been uncertain, with the price of several altcoins, including Ethereum (ETH), 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 $1,200 to highs of $1,600. 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 high, with many anticipating a more recovery rally. Nevertheless, these expectations were dampened by the uncertainty surrounding the crypto market. (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 is not yet looking like the last one as the week is filled with FUD (fear of uncertainty and doubt), which has negatively impacted the price of many altcoins as the major coins struggle to stay away from what the crypto-like looks like. are doing. purify
The news that Binance rescued the situation by acquiring FTX was good. Nevertheless, after conducting its due diligence, Binance decided not to take on FTX as it negatively affected the market, sending the price of ETH on a spiraling movement to $1,100.
ETH price continued to look bearish even after it broke below its weekly low of $1,100; There was a sharp move up in this area as the price looked somewhat safe and moved back towards the $1,300 high. ETH price needs to rally away from $1,200, acting as a demand zone to stay safe from selloff.
Weekly resistance for ETH price – $1,450.
Weekly support for ETH price – $1,100.
Price Analysis of ETH on Daily (1D) Chart
ETH price remained quite strong on the daily time frame as it traded above the $1,200 support after bouncing off the $1,100 area, causing ETH price to lose its demand zone for bears.
If ETH price breaks above $1,450, we could see more rally for ETH price, but market is still bullish; We want to give it time and see how it reacts to the market situation.
Daily resistance for ETH price – $1,450.
Daily Support for ETH Price – $1,200.
Featured Image From zipmex, Charts From Tradingview