- ETH price is resuming the $1,200 demand zone as the price aims to rise
- The price continues to look bearish with the current state of the market as most traders and investors remain cautious
- ETH price bounces off $1,100 low on daily time frame as $1,300 recapture above 50 is expected Exponential moving average (EMA)
Ethereum (ETH) continues to show better price action than Bitcoin (BTC) as the price regains the demand zone and eyes further growth towards the $1,300 region if the crypto market remains calm before the monthly close. Despite the relief bounce from Ethereum (ETH), the price is still trading below a key area of interest that would attract the attention of many buyers. The domino effect of the FTX saga and other huge investors has stalled the market as the market is yet to make a major move leading to great fear of where the market could be headed. (Data from Binance)
Ethereum (ETH) price analysis on a weekly chart
Despite the uncertainty and turbulence that has affected the price of Ethereum (ETH) and the crypto market as a whole, many altcoins are fighting for survival and trying to stay afloat as altcoin prices continue to move downwards.
The ETH price dropped from the $1,450 area to the $1,300 area as ETH lost this key support. The price of ETH failed to hold above $1,300, leading to a retest of the price at lower price points.
The price of ETH continues to hold above $1000, indicating a good sign for the bulls on the weekly chart and other time frames. If the price of ETH loses this area of interest, it would mean that the price will go down and have control over ETH prices.
Weekly resistance for ETH price – $1300.
Weekly ETH Price Support – $1000.
ETH price analysis on a daily (1D) chart
BTC price remains quite strong on the daily time frame as the price trades above $1,200 after ETH saw a drop from $1,300 to $1,080 as the market continues to be in a state of uncertainty.
The price of ETH continues to struggle as the price is headed for a bigger bounce from this region. ETH price needs to recover and trade above $1300 for a short-term relief rebound. $1,250 corresponds to the Fibonacci retracement value of 38.8%, which acts as a strong resistance to the ETH price.
The price of ETH is trading at $1,200 below the 50 EMA, which acts as resistance for ETH to trend higher. The price of $1,350 on the daily time frame for ETH needs to be recovered to make the bulls feel safe.
Daily resistance for ETH price – $1,350.
Daily support for the price of ETH – 1100 – 1250 USD.
Featured Image From zipmex, Charts From Tradingview