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Ethereum Protects $1,200 in Blood, Will the Region Hold?

  • ETH Price Holds Above $1,200 As Bulls Reluctant To Let Prices Below Key Support
  • The price continues to trade below the 50 and 200 exponential moving averages (EMAs) on the daily timeframe.
  • After a bullish divergence appeared, ETH price bounced back on the 4-hour chart.

Ethereum (ETH) Price Not Showing Bullish Sentiment After Long-Awaited “Ethereum Merger” Ethereum plunged in price against Tether (USDT) following the Federal Open Market Committee news (FOMC). The Federal Reserve increased its target interest rate by 75 bps, negatively impacting the price of ETH. (Data from Binance)

Ethereum (ETH) price analysis on weekly chart

ETH price continues to struggle to keep its head up after seeing a bearish weekly candle close.

ETH price attempted to show some relief bounce heading into the new week as price moved into the $1,370 territory, but news of an increase in rate hikes pushed ETH price to weekly lows of $1,250 This bounce was cut short as it hurt the price and bounced back in the region as the price moved back to $1,300.

The price of ETH needs to rise to the high of $1,500 to be safe from falling to that critical support. If the ETH price continues in this structure, it is likely that the ETH price will break the $1,200 support and drop to the $1,024 area where there is a lot of demand for the ETH price.

ETH price is currently facing resistance above $1,324. If ETH fails to break out and hold on to this support zone, the price will drop to his $1,200 key support and could drop further if this support fails to hold back sell orders.

Weekly resistance to ETH price – $1,324.

Weekly support for ETH price – $1,200.

ETH price analysis on the 4-hour (4H) chart

ETH price chart every 4 hours | Source: ETHUSDT on Tradingview.com

The 4-hour window for ETH price continues to move inside the range as the price retested the $1,250 low. ETH price bounced out of this region after forming a bullish divergence and faced resistance to the upside after the price climbed to his high of $1,320.

You need to collect $1,400 to have a chance to increase the price of ETH.

On the 4-hour timeframe, the ETH price is currently trading at $1,310, just below the 50 and 200 exponential moving averages (EMAs), acting as resistance for the ETH price. Prices at $1,400 and $1,540 correspond to resistances at the 50 EMA and 200 EMA against the price of ETH. For the ETH price to rise to $1,500, we need to collect 50 EMA.

ETH’s Relative Strength Index is below 50, indicating a low number of buy orders.

4 hour resistance to ETH price – $1,400.

4 hours support for ETH price – $1,200.

Featured Image From Istock, Charts From Tradingview 

Ethereum Protects $1,200 in Blood, Will the Region Hold?

Source link Ethereum Protects $1,200 in Blood, Will the Region Hold?

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