Ethereum Bulls Defend $1,200 Support As Price Holds; How Long Will This Last?

  •  ETH’s price loses its $1,500 support as the price trades to a region of $1,250 before bouncing off this region. 
  •  ETH’s price continues to look bearish with the market’s current state, as things look uncertain for most traders and investors. 
  • ETH’s price remains weak across all timeframes as the price trades above the 50 and 200 Exponential Moving Averages (EMA).

The price of Ethereum and other altcoins climbed in the past weeks. They saw gains exceeding 200%. This included Ethereum’s rally from $1300 to $1600. Many were hopeful that Ethereum would see a strong price movement to $2,000. These expectations have been tempered by uncertainty in the cryptocurrency market. ETH’s price is looking weak with the current market issue between Binance and FTX, creating a fear of uncertainty and doubt for most traders and investors. (Data from Binance).

Ethereum (ETH) price analysis on the Weekly Chart

Many altcoins saw a rise of over 2000% in the last week, after breaking free of the range bound movement. This is a sign that there’s more hope for the cryptocurrency space.

As altcoins such as Ethereum, have been affected by current market conditions, the new week is yet to start. The price of ETH has fallen from its weekly highs and the prices of most altcoins are still in decline.

Despite this, the price for ETH continues to be bearish. It broke below $1,450 on its weekly high, keeping the price in check from selling. The market’s outlook is not positive if ETH prices drop below the $1,200 support level. This would allow bears and other traders to move the price lower. 

To be considered safe, the price of ETH must rise in order to stay above its weekly lows. Otherwise it could affect market sentiment. If $1,200 is not held, the price for ETH could drop to $1,000 or lower.

Weekly resistance for the price of ETH – $1,400.

Weekly support for the price of ETH – $1,200-$900.

The Daily (D) Chart Price Analysis for ETH

Daily ETH Price Table | Source: ETHUSDT On

The price of ETH is still very strong as it trades over $1,200 support daily. This keeps the price from trending lower. 

ETH’s price closed above $1,200 on the daily timeframe indicating there are more chances of ETH trending upwards as the market continues to recover in the coming days. 

To keep the price of ETH safe for a while, it must rally above $1,450. We could see the price falling to $1,000 to $900 if the $1,200 price fails to bear bears. 

Daily resistance for the ETH price – $1,450.

Daily support for the ETH price – $1,200-$900.

Featured Image from zipmex. Charts From Tradingview 

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