The price action displayed by Ethereum (ETH) has remained disheartening, with the FTX effect affecting small crypto projects like Genesis as the market continues to look weaker with each passing day, indicating that the bottom has not yet been reached, resulting in the price of many altcoins, including Ethereum (ETH),
battling for survival. The domino effect of the FTX saga and other large investors has brought the market to a halt, as the market has yet to make a significant move after the price of ETH performed well in previous weeks. Most altcoins have lost key support and have traded at a loss of more than 90%, with many hoping for a crypto revival. (Data from Binance)
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Ethereum (ETH) Price Analysis On The Weekly Chart
The crypto space has seen a lot of turbulence in the last few days, with many altcoins struggling to show strength after losing key support that was holding off price declines.
The current market uncertainty has caused traders and investors to be hesitant to purchase altcoins, as there is no guarantee that they will rise in value any time soon.
The news of FTX and now Genesis has had a significant impact on the price of ETH, sending it into a spiral movement to a region of $1,150 as the price struggles to stay at $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 ETH looking more bearish with the weekly open.
Weekly resistance for the price of ETH – $1,300.
Weekly support for the price of ETH – $1,000.
Price Analysis Of ETH On The Daily (1D) Chart
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 $1,100.
With rumor building of a likely bankruptcy of Genesis, this could affect the price of ETH and other smaller assets, with the price facing a possibility of losing the region of $1,000.
If the price of ETH breaks above $1,000, we could see more sell-off as this has been a temporary region to hold bears.
Daily resistance for the ETH price – $1,200.
Daily support for the ETH price – $1,000