ETH’s price lost its demand zone of $1,200 as the price struggled to hold above $1,000.
ETH’s price continues to look bearish with the market’s current state, as things look uncertain for most traders and investors.
ETH’s price looks weak as the price struggles to hold above $1,000, with the possibility of reclaiming the daily and weekly 50 and 200 Exponential Moving Averages (EMA) remaining bleak.
The price action displayed by Ethereum (ETH) has continued to look like a fairytale, with many traders and investors disheartened, following the collapse of the FTX effect affecting small crypto projects like Genesis as the market continues to look weak on each passing day signifying the bottom is not yet in leading to the price of many altcoins, including Ethereum (ETH) as the price continues to hang on a balance, battling for survival. The Domino effect of the FTX saga and other huge investors has left the market at a standstill as the market has yet to make a major move after previous weeks saw the price of ETH struggling to hold above $30. Most altcoins have lost their key support and have traded with over 90% loss, with many hoping for a crypto revival. (Data from Binance)
Ethereum (ETH) Price Analysis On The Weekly Chart
The past few days have been filled with so much turbulence in the crypto space as many altcoins have struggled to show strength after losing their key support holding off price decline.
The current uncertainty surrounding the market has resulted in reluctance on the part of traders and investors to make altcoin purchases in the case of ETH worsening, as there is no assurance if they would be heading up any time soon.
FTX and Genesis’s news have hugely impacted the price of ETH, sending the price into a spiral movement to a region of $1,050 as the price struggles to stay above $1,000.
After the price of ETH closed below the weekly high of $1,200, there are high chances of the market going lower, with the prices of SOL looking more bearish with the weekly open.
Weekly resistance for the price of ETH – $1,200.
Weekly support for the price of ETH – $1,000-$900.
Price Analysis Of ETH On The Daily (1D) Chart
Daily ETH Price Chart | Source: ETHUSDT On Tradingview.com
The price of ETH remains considerably weak in the daily timeframe as the price trades below the $1,200 resistance after bouncing off from the region of $1,000 on several instances, giving bear more belief of pushing price lower to a region of $900-$800.
Rumor building of a likely bankruptcy of Genesis could affect the price of ETH and other smaller assets, with the price facing a possibility of losing the region of $700-$600 in case things gets out of hand.
If the price of ETH breaks below $900, we could see more sell-off, as this has been an area of interest to hold off bears.
Daily resistance for the ETH price – $1,200.
Daily support for the ETH price – $1,000-$900.
Featured Image From zipmex, Charts From Tradingview