Home CryptocurrencyAnalysis Ethereum Protects $1200 With Blood, Will This Region Hold?

Ethereum Protects $1200 With Blood, Will This Region Hold?

by SuperiorInvest
  • ETH price holds above $1,200 as bulls refuse to let go of price below key support
  • The price continues to trade below the 50 and 200 exponential moving averages (EMA) on the daily time frame.
  • ETH price rebounded on the 4-hour chart after a bullish divergence emerged.

Ethereum (ETH) price showed less bullish sentiment after the highly anticipated “Ethereum Merge”. Ethereum saw its price drop against Tether (USDT) following the Federal Open Market Committee (FOMC) reports. The Federal Reserve increased its target interest rate by 75 bps, which negatively affected the price of ETH. (Data from Binance)

Ethereum (ETH) price analysis on a weekly chart

The price of ETH continues to struggle to keep its head above water after seeing a bearish candle close to the week, with the new week looking more bearish ahead of the expected FOMC meeting.

The price of ETH tried to show some relief rebound before the new week when the price moved towards the $1,370 area, but this bounce was aborted as news of increased rate hikes hurt the price and the price of ETH fell to $1,250 a week ago. it will rebound from this region as the price regained $1,300.

The price of ETH needs to move to the $1,500 high to stay safe from falling below its key support. If the ETH price continues with this structure, we could see the ETH price break the $1,200 support and drop to the $1,024 area where there is more demand for the ETH price.

ETH price is currently facing resistance to break above $1,324; If ETH fails to break and hold above this support zone, we could see the price drop to its key support of $1,200 and below if that support fails to contain sell orders.

Weekly resistance for ETH price – $1,324.

Weekly ETH Price Support – $1200.

ETH price analysis on a four-hour (4H) chart

4 Hour ETH Price Chart | Source: ETHUSDT On Tradingview.com

The 4H time frame for ETH prices continues to range as the price retested the $1,250 low; ETH price from this region after creating a bullish divergence as the price rose to a high of $1,320 before facing resistance to break higher.

ETH price needs to regain $1,400 to have a chance to trend higher.

On the 4H time frame, the ETH price is currently trading at $1,310, just below the 50 and 200 exponential moving averages (EMA), which acts as resistance for the ETH price. The price of $1400 and $1540 correspond to the resistance at the 50 and 200 EMA for the price of ETH. ETH price needs to retrace the 50 EMA to have a chance to reach the $1500 trend.

The ETH Relative Strength Index is below 50, indicating fewer buy orders.

Four hour resistance for ETH price – $1400.

Four hour support for ETH price – $1200.

Featured Image From Istock, Charts From Tradingview 

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