- ETH’s price struggles to break above key resistance as the price continues to trade in a range mimicking the price of Bitcoin.
- ETH’s price is trading close to the demand area, and ETH continues its struggle.
- The price of ETH remains indecisive with daily price movements below 50 and 200 Exponential moving average (EMA).
In recent weeks, the Ethereum price (ETH) has seemed to have lost steam against USDT (tether) because it’s been in a range bound movement for more than a week. Despite uncertainty in the crypto market, as Bitcoin (BTC), as well as other crypto assets, such as Ethereum, has seen a minor setback in its price movement in the last weeks, the price trend of Ethereum (ETH), however, has been stable or even slightly volatile as many worry about the loss of its main support. Data from Binance
Ethereum (ETH) price analysis on the Weekly Chart
While the bear market was favorable to most projects, it has also been beneficial for investors and traders who have been discouraged from investing in these assets.
Before the “Ethereum Merge,” the price of ETH saw an increase and rally from the price of ETH as the price outperformed BTC at the time, with many clamoring for $4,000 ETH, but this was just a mere wish.
After the merger, the price of ETH became a shadow. Following a rally from a weekly low price of $1,000, it reached a peak price of $2,000. Then, the price sought rejection.
ETH’s price saw a decline in price from this region; the price tried to form a support at $1,600 but lost this support as the current state of the market continues to look tough and challenging. As the market continued selling off, the price of ETH fell to $1,260. This was a key support.
Weekly resistance for the price of ETH – $1,400.
Weekly support for the price of ETH – $1,260.
The Daily (D) Chart Price Analysis for ETH
The daily price of ETH remained indecisive throughout the day, as the price trended in a rectangular channel and experienced a range bound movement.
The price of ETH fell from $1,430 to a low of $1.430. It was seen as if the price would move upwards and downwards as it prepared for a break.
To resume a relief bounce, the price for Ethereum must rise and close above that range. If it fails to do so, $1,260-1,300 could be tapped more frequently, which could cause ETH to trade lower if those supports are broken.
Daily resistance for the ETH price – $1,400.
Daily support for the ETH price – $1,260.
Featured image from zipmex. Charts From Tradingview