Ethereum Gains So Much Demand To Buy At $500, Will This Be Possible?

  • ETH prices trend down as bearish prices persist, and price trading remains on critical support. 
  • ETH trading below the 50- and 200 day Exponential Moving averages as prices struggle to regain bullish signals as investors and traders want for $500. 
  • In order to see signs of recovery, the price must surpass $1,400. 

The price of Ethereum (ETH) continues to struggle to discover its bullish trend before the “Ethereum Merge” as the price fails to break the key resistance of $1,400 against tether (USDT). Ethereum (ETH), along with other crypto assets, experienced a relief rebound in prior weeks. The crypto market cap looked good across all cryptocurrencies. Many of them were able to make double-digit increases. (Data from Binance). 

Ethereum (ETH), Price Analysis on The Weekly Chart.

Life after post “Ethereum Merge” has not been easy for the Ethereum price, with many traders and investors expecting a rally to a region of $5,000. ETH’s price has been showing some positive price movements in the last weeks. However, it continues to fall and faces a critical test: to either hold above $1,200, or to defer the odds to go lower.

After ETH’s weekly low of $900 was surpassed, its price reached a high point of $2,013. This is because many people expected it to act as a support base for the scheduled merger.

The price of Ethereum fell to $2,013. It has been struggling to regain its bullish power since then. Many traders expect a decline to around $700 to $5000 as these are high-demand zones for ETH.

ETH is currently trading at $1290. It holds its price from falling below support of $1270-$1,200. A drop below that zone could result in a retest at $1000-$900.

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

Weekly support for the price of ETH – $1,270-$1,200.

The Daily (D) Chart Price Analysis for ETH

Source:| Source: ETHUSDT On

In daily trading, ETH’s price trades below its 50- and 200-exponential Moving Average (EMA) levels. This is a result of the channel continuing to fluctuate with price struggling in both directions.

These prices correspond to 50 and 200 EMA which are resistance prices for ETH.

Price of ETH must reclaim $1.400 to make it look safe. A drop of $900 could cause a further retracement in the region of $700 to $5000 due panic selling by whales and investors waiting for a high price.

Daily resistance for the ETH price – $1,424.

Daily support for the ETH price – $1,270-$1,200.

NullTX. Charts from Tradingview.

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