Ethereum Bulls Defend $1,200 Support As Price Holds; How Long Will This Last?

Previous weeks saw the price of Ethereum (ETH) and most altcoins trend higher as many produced gains of over 200%, including the price of Ethereum (ETH) rallying from a region of $1,300 to a high of $1,600 with many hoping the price of ETH would pull off a good price action to a region of $2,000. Still, these expectations were cut short by the uncertainty surrounding the crypto market. ETH’s price is looking weak with the current market issue between Binance and FTX, creating a fear of uncertainty and doubt for most traders and investors. (Data from Binance)

Related Reading: Ethereum Price Tumbles, Why Recovery Could Be Round The Corner

Ethereum (ETH) Price Analysis On The Weekly Chart

The previous week saw many altcoins produced over 200% gains over the past 7 days of breaking out of their range-bound movement, as many believe more hope is returning to the crypto space.

The new week has yet to kick in like the last as most altcoins, including ETH affected by the current state of the market as the price of ETH looks shaky, dropping off from their weekly highs.

Still, the price of ETH has continued to look bearish after breaking below its weekly high of $1,450, which has served as a support and demand zone for months now, holding off the price from sell-offs. The price of ETH retesting the support at $1,200 is not good for the market as this would weaken this region for bears to push the price lower. 

The price of ETH needs to rally off this region to look safe and avoid dropping below its weekly lows, as this would affect the general market sentiment. If the price of $1,200 fails to hold, we could see the price of ETH retesting at $1,000 and lower.

Weekly resistance for the price of ETH – $1,400.

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

Price Analysis Of ETH On The Daily (1D) Chart

The price of ETH remains considerably strong in the daily timeframe as the price trades above $1,200 support, holding off the price from trending lower after retesting this region on previous times, bouncing off to begin a rally to a region of $1,500. 

ETH’s price closed above $1,200 on the daily timeframe indicating there are more chances of ETH trending upwards as the market continues to recover in the coming days. 

The price of ETH needs to rally to a region of $1,450 for the price to remain safe temporarily, leading to a relief rally. If the price of $1,200 fails to hold bears, we could see the price going down to a region of $1,000-$900. 

Daily resistance for the ETH price – $1,450.

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

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