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Ethereum price reclaims demand zone of $1,200 as the price aims to trend higher
Price continues to look bearish with the market’s current state, as most traders and investors remain cautious
Ethereum price bounces from a low of $1,100 on the daily timeframe as it eyes a recapture of $1,300 above the 50 Exponential Moving Average (EMA)
Ethereum (ETH) continues to display a better price action than Bitcoin (BTC) as the price reclaims the demand zone and eyes a further rally to a region of $1,300 if the crypto market remains calm ahead of a monthly close.
Despite the relief bounce from Ethereum (ETH), the price still trades 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 is yet to make a major move leading to much fear about where the market could be headed. (Data from Binance)
Ethereum Price Analysis On The Weekly Chart
Despite the uncertainty and turbulence that has affected the price of Ethereum (ETH) and the crypto market as a whole, with many altcoins struggling for survival, trying to stay afloat as the prices of altcoins continue in a downward price movement.
Ethereum price declined from a region of $1,450 to a region of $1,300 as ETH lost this key support. The price of ETH failed to hold above $1,300, leading to price retesting lower price points.
The price of ETH continues to hold above $1,000, 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 price going and bears controlling ETH prices.
Weekly resistance for the price of ETH – $1,300.
Weekly support for the price of ETH – $1,000.
Price Analysis Of ETH On The Daily (1D) Chart
Daily ETH Price Chart | Source: ETHUSDT On Tradingview.com
The price of BTC remains considerably strong 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 its state of uncertainty.
Ethereum price continues to struggle as price aims for more relief bounce from this region. The price of ETH needs to reclaim 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 ETH price.
ETH price trades at $1,200 below 50 EMA, acting as resistance for ETH to trend higher. The price of $1,350 on the daily timeframe for ETH needs to be reclaimed for bulls to feel safe.
Daily resistance for the ETH price – $1,350.
Daily support for the ETH price – $1,100-$1,250.
Featured Image From zipmex, Charts From Tradingview