- ETH price lost the $1,200 demand zone as the price struggled to hold above $1,000.
- The price of ETH continues to look bearish with the current state of the market as things look uncertain for most traders and investors.
- ETH price looks weak as it struggles to hold above $1000 with the possibility of retrieving daily and weekly 50 and 200 Exponential moving averages (EMA) remains bleak.
The price action shown by Ethereum (ETH) continued to look like a fairy tale, with many traders and investors disappointed after the collapse of the FTX effect affecting small crypto projects like Genesis, as the market looks weak with each passing day, meaning the bottom is yet to lead to the price of many altcoins. including Ethereum (ETH) as the price continues to hang in the balance and fight for survival. The domino effect of the FTX saga and other huge investors has left the market at a standstill as the market has yet to make a major move after the ETH price struggled to hold above $30 in the previous weeks. Most of the altcoins lost their key support and traded more than 90% loss, with many hoping for a cryptocurrency revival. (Data from Binance)
Ethereum (ETH) price analysis on a weekly chart
The past few days have been filled with so much turbulence in the crypto space as many altcoins have struggled to show strength after losing their key support and preventing the price from falling.
The current uncertainty surrounding the market has resulted in traders and investors reluctance to make altcoin purchases in the event of ETH deterioration, as there is no guarantee that it will head higher anytime soon.
The FTX and Genesis news heavily impacted the price of ETH, sending the price spiraling towards the $1,050 area as the price struggles to hold above $1,000.
After ETH price closed below the weekly high of $1,200, there is a high chance that the market will go lower, with SOL prices looking more bearish with a weekly open.
Weekly resistance for ETH price – $1200.
Weekly support for ETH price – $1000 – $900.
ETH price analysis on a daily (1D) chart
ETH price remains quite weak on the daily time frame as the price is trading below the $1,200 resistance after bouncing off the $1,000 area on several occasions, giving more confidence in pushing the price lower towards the $900-800 area.
Rumors building about Genesis’ probable bankruptcy could affect the price of ETH and other smaller assets, with the price facing the possibility of a loss in the $700-$600 region if things get out of hand.
If the price of ETH breaks below $900, we could see further selling as this has been an area of interest for bearish containment.
Daily resistance for ETH price – $1200.
Daily support for ETH price – $1000 – $900.
Featured Image From zipmex, Charts From Tradingview