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  • ETH price lost its demand zone as the price struggled to break above $1,250.
  • ETH price 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 price struggles to hold above $1,100, with potential to recover the daily 50 Exponential Moving Average (EMA) remains dark.

The price action displayed by Ethereum (ETH) remained disheartening, with the FTX effect affecting smaller crypto projects like Genesis as the market continues to weaken with each passing day, indicating that the bottom has yet to been reached, causing the price of many altcoins, including Ethereum (ETH), to fight for survival. The domino effect of the FTX saga and other big investors has brought the market to a halt, as the market has yet to make a significant move after ETH price performed well in the previous weeks. Most altcoins lost key support and traded at a loss of over 90%, with many hoping for a crypto revival. (Data from Binance)

Ethereum (ETH) Price Analysis on the Weekly Chart

The crypto space has seen a lot of turbulence in recent days, with many altcoins struggling to show their strength after losing key support that was holding the price down.
The current market uncertainty has made traders and investors hesitant to buy altcoins, as there is no guarantee that they will rise anytime soon.

The news from FTX and now Genesis has had a significant impact on the price of ETH, sending it on a spiraling move towards a region of $1,150 as the price struggles to stay at $1,000.

After ETH price closed below the weekly high of $1,200, there is a strong chance that the market will turn lower, with ETH prices looking more bearish with the weekly open.

Weekly resistance for ETH price – $1,300.

Weekly support for ETH price – $1000.

ETH Price Analysis on the Daily Chart (1D)

ETH Daily Price Chart | Source: ETHUSDT on Tradingview.com

ETH price remains significantly weak in the daily timeframe as the price is trading below the $1,200 resistance after bouncing back from the $1,100 region.

With the rumor of a probable Genesis bankruptcy, this could affect the price of ETH and other smaller assets, with the price facing a possibility of losing the $1,000 region.

If the price of ETH breaks above $1,000, we might see more selling as this is a temporary region to contain bears.

Daily resistance for ETH price – $1,200.

Daily ETH price support – $1,000.

Featured Image From NBTC, Charts From Tradingview



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