- ETH price reclaims $1,200 demand zone as price aims higher
- The price continues to look bearish with the current state of the market as most traders and investors remain cautious
- ETH price rebounds from a low of $1,100 on the daily time frame as it eyes a recovery of $1,300 above 50 Exponential Moving Average (EMA)
Ethereum (ETH) continues to show better price action than Bitcoin (BTC) as the price recovers the demand zone and eyes a further rally towards a $1,300 region if the crypto market remains calm ahead of a close monthly. Despite Ethereum (ETH)’s relief rebound, the price is still trading below the key region of interest that would attract the attention of many buyers. 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 shift causing a lot of fear as to where the market might go . (Data from Binance)
Ethereum (ETH) Price Analysis on the Weekly Chart
Despite the uncertainty and turmoil that has plagued the price of Ethereum (ETH) and the crypto market as a whole, with many altcoins struggling to survive, trying to stay afloat as altcoin prices continue in a downward price movement.
ETH price moved from a $1,450 region to a $1,300 region as ETH lost this key support. ETH price failed to hold above $1,300, which led to price retesting at lower price levels.
ETH price continues to hold above $1000, indicating a good sign for bulls on the weekly chart and other timeframes. If the price of ETH loses this region of interest, it would mean that the price goes and supports the price control of ETH.
Weekly resistance for ETH price – $1,300.
Weekly support for ETH price – $1000.
ETH Price Analysis on the Daily Chart (1D)
The price of ETH remains significantly high in the daily timeframe as the price trades above $1,200 after ETH saw its price decline from $1,300 to $1,080 as the market continues in his state of uncertainty.
ETH price continues to struggle as the price aims to bounce further in this region. ETH price needs to recover and trade above $1,300 for a short-term relief bounce. The $1,250 corresponds to the Fibonacci retracement value of 38.8%, acting as a strong resistance to the price of ETH.
ETH price is trading at $1,200 below the 50 EMA, acting as resistance on the upside for ETH. The price of $1,350 on the daily timeframe for ETH needs to be recovered for the bulls to feel safe.
Daily resistance for ETH price – $1,350.
Daily ETH price support – $1,100 to $1,250.
Featured Image From zipmex, Charts From Tradingview