Ethereum Protects $1,200 with Blood, Will This Region Hold?

  • ETH price holds above $1,200 as bulls don’t want to let go of a price below key support 
  • On a daily basis, the price continues to trade between 50 and 200 Exponential Moving Averages. 
  • After a bullish divergence was observed, the ETH price rebounded on the hourly chart.

The price of Ethereum (ETH) has shown less bullish sentiment after its much anticipated “Ethereum Merge.” Ethereum saw its price plummet against tether (USDT) following the Federal Open Market Committee news (FOMC). The Federal Reserve increased its target interest rate 75 bps which negatively affected the price of Ethereum. (Data from Binance

Ethereum (ETH), Price Analysis on The Weekly Chart 

The price of ETH is struggling to stay afloat following the closing of the weekly candle bearish. This week’s new bearish outlook comes ahead of the FOMC meeting. 

The ETH price showed some relief with a move to $1370. But this was short lived as news of an increasing rate hike harmed it. Price dropped to $1250 per week before rebounding to $1300. 

To keep the price of ETH from dropping below its critical support, it must reach $1,500. If this pattern continues, we may see ETH prices breaking $1,200 support and dropping to $1,024, a higher price that is in demand.

The price for Ethereum is resisting breaking above $13,324 at the moment. We could see ETH falling to below its key $1,200 support. Sell orders will not be stopped by this support. 

Weekly resistance for the price of ETH – $1,324.

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

Chart Price Analysis of ETH on The Four-Hourly (4H),

Source: ETHUSDT On| Source: ETHUSDT On

The price movement in ETH continues over the 4H period. Price retested a low at $1250. After forming a bullish divergence, price rose to a high point of $1320. Resistance to higher prices was encountered. 

To trend higher, the price of ETH must regain $1,400

The price of ETH currently trades at $1,310 in the fourth-hour. This is just below the Exponential Moving average (EMA) 50 and 200, which acts as resistance to ETH’s price. The resistance level at the 50- and 200-EMA price points for ETH is represented by the prices of $1,400, $1,540, and $1.540, respectively. For ETH to have a trend of $1,500 it must regain 50 EMA.

Relative Strength Index (ETH) is less than 50. It indicates that there have been fewer buy orders.

Four-hourly resistance for the ETH price – $1,400.

Four-hourly support for the ETH price – $1,200.

Istock Charts, Featured Image from Tradingview 

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