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Ethereum Bulls defend the $1,200 support as the price holds. How long will this last?

  • ETH price loses support at $1,500 as the price trades up to the $1,250 area before bouncing in this area.
  • ETH price continues to look bearish in the current state of the market as things look uncertain for most traders and investors.
  • ETH price continues to remain weak on all timeframes as it is trading above the 50 and 200 exponential moving averages (EMAs).

With the price of Ethereum (ETH) and most altcoins on an upward trend, with the price of Ethereum (ETH) rising from the $1,300s to a high in the $1,600s, many people are optimistic about the price of Ethereum (ETH). I had high hopes. A good move into the $2,000 area is likely. Still, those expectations were cut short by the uncertainty surrounding the crypto market. Due to the current market issues between Binance and FTX, the price of ETH is looking weak, causing uncertainty and fear of doubt among most traders and investors. (Data from Binance)

Ethereum (ETH) price analysis on weekly chart

Over the past week, many altcoins have broken out of range-bound moves, generating gains of over 200% over the past seven days. This is because many believe more hope is returning to the crypto space.

Most altcoins, including ETH, have been affected by the current state of the market as the price of ETH looks volatile and has fallen from its weekly highs, so the new week has yet to start.

Still, ETH price continues to look bearish after breaking below the weekly high of $1,450. ETH price retesting the support at $1,200 is not going to be good for the market as the bears will weaken the region to push the price down.

ETH price should recover from this region to look safe and avoid falling below weekly lows. This is because it affects general market sentiment. If the $1,200 price fails to hold, ETH price may retest below $1,000.

Weekly resistance to ETH price – $1,400.

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

ETH Price Analysis on Daily (1D) Chart

Daily ETH Price Chart | Source: ETHUSDT on Tradingview.com

ETH’s price remains fairly strong on the daily timeframe as it is trading above the $1,200 support, preventing the price from declining after previously retesting the region and breaking above $1,500. Repulsed to start rallying into the region.

ETH price closed above $1,200 on the daily timeframe. This indicates that ETH is likely on an upward trend as the market continues to recover over the next few days.

For the price of ETH to stay safe temporarily, it needs to rise to the $1,450 territory, leading to rising relief. If the $1,200 price fails to stay bearish, the price could fall to the $1,000-$900 area.

ETH price daily resistance – $1,450.

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

Featured Image From zipmex, Charts From Tradingview 

Ethereum Bulls defend the $1,200 support as the price holds. How long will this last?

Source link Ethereum Bulls defend the $1,200 support as the price holds. How long will this last?

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