- Of the ETH-Price reclaims the $1,200 demand zone as the price aims to trend up
- The price continues to look bearish given the current state of the market as most traders and investors remain cautious
- ETH price is recovering from a bottom of $1,100 on the daily timeframe as it anticipates a recapture of $1,300 above the 50 Exponential Moving Average (EMA).
Ethereum (ETH) continues to show better price action than Bitcoin (BTC), as the price reclaims the demand zone and expects another rally towards a $1,300 region if the crypto market remains calm ahead of a monthly close. Despite the relief it bounced on, Ethereum (ETH) 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 big investors has stalled the market as the market has yet to make a big move, leading to a lot of anxiety as to where the market might be headed. (Binance data)
Ethereum (ETH) price analysis on the weekly chart
Despite the uncertainty and turmoil that has impacted the price of Ethereum (ETH) and the crypto market at large, with many altcoins struggling to survive and trying to stay afloat as altcoin prices continue to trend lower.
ETH price fell from a $1,450 region to a $1,300 region as ETH lost this key support. ETH price failed to sustain above $1,300 which caused the price to retest lower price points.
ETH price continues to hold above $1,000 which bodes well for bulls on the weekly chart and other timeframes. If the price of ETH loses this area of interest, it would mean that the price will rise and ETH prices will be controlled.
weekly Resistance for the price of ETH – $1,300.
Weekly support for ETH price – $1,000.
ETH price analysis on the daily chart (1D).
Daily ETH price chart | Source: ETHUSDT On Tradingview.com
BTC price remains considerably strong on the daily timeframe as the price trades above $1,200 after ETH price fell from $1,300 to $1,080 as the market remains in uncertainty.
ETH price continues to struggle as the price aims for another upleg in this region. ETH price needs to be reclaimed and traded above $1,300 for a short-term bounce of recovery. The $1,250 matches that Fibonacciretracement level of 38.8% and is acting as a strong resistance for ETH price.
ETH price is trading below the 50 EMA at $1,200 which is acting as resistance for an uptrend in ETH. The $1,350 daily timeframe price for ETH needs to be reclaimed for the bulls to feel safe.
Daily resistance for ETH price – $1,350.
Daily support for ETH price – $1,100-$1,250.
Featured image by zipmex, charts by Tradingview
Source: Crypto News Deutsch