Ethereum Price Reclaims Demand Zone Of $1,200 – Here Are Levels To Watch

Share This Post

  • ETH price reclaims demand zone of $1,200 as the price aims to trend higher
  • Price continues to look bearish with the market’s current state, as most traders and investors remain cautious 
  • ETH price bounces from a low of $1,100 on the daily timeframe as it eyes a recapture of $1,300 above the 50 Exponential Moving Average (EMA)

Ethereum (ETH) continues to display a better price action than Bitcoin (BTC) as the price reclaims the demand zone and eyes a further rally to a region of $1,300 if the crypto market remains calm ahead of a monthly close. Despite the relief bounce from Ethereum (ETH), the price still trades below the key region of interest that would attract the attention of many buyers. The Domino effect of the FTX saga and other huge investors has left the market at a standstill as the market is yet to make a major move leading to much fear about where the market could be headed. (Data from Binance)

Ethereum (ETH) Price Analysis On The Weekly Chart

Despite the uncertainty and turbulence that has affected the price of Ethereum (ETH) and the crypto market as a whole, with many altcoins struggling for survival, trying to stay afloat as the prices of altcoins continue in a downward price movement.  

ETH’s price declined from a region of $1,450 to a region of $1,300 as ETH lost this key support. The price of ETH failed to hold above $1,300, leading to price retesting lower price points. 

The price of ETH continues to hold above $1,000, indicating a good sign for bulls on the weekly chart and other timeframes. If the price of ETH loses this region of interest, it would mean price going and bears controlling ETH prices.

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

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

The price of BTC remains considerably strong in the daily timeframe as the price trades above $1,200 after ETH saw its price decline from $1,300 to $1,080 as the market continues in its state of uncertainty. 

ETH’s price continues to struggle as price aims for more relief bounce from this region. The price of ETH needs to reclaim and trade above $1,300 for a short-term relief bounce. The $1,250, corresponds to the Fibonacci retracement value of 38.8%, acting as a strong resistance to the ETH price.

ETH price trades at $1,200 below 50 EMA, acting as resistance for ETH to trend higher. The price of $1,350 on the daily timeframe for ETH needs to be reclaimed for bulls to feel safe.   

Daily resistance for the ETH price – $1,350.

Daily support for the ETH price – $1,100-$1,250.

Featured Image From zipmex, Charts From Tradingview 

Read Entire Article
spot_img

Related Posts

Ripple News: Acquires This NY Crypto Trust Company To Expand US Offerings

In a recent development, blockchain payment company Ripple has announced the acquisition of New York-based crypto trust company Standard Custody & Trust Co This move aims to enhance

Solana Mobile’s Chapter 2 Reaches 100K Preorders, Guarantees Production

Solana Mobile, a smartphone-focused subsidiary of Solana Labs, has announced that its second mobile phone, Chapter 2, has reached 100k preorders in less than 30 days, hitting a milestone that now

Extreme Greed Is Back For Bitcoin, Is It Time To Sell?

Data shows extreme greed sentiment has made a return among the Bitcoin investors after the cryptocurrency’s price has broken above $50,000 Bitcoin Fear & Greed Index Now Points Towards

Bitcoin retreats below $49k as CPI release dashes hope of rate cuts

Bitcoin (BTC) price saw a significant pullback, erasing gains from Monday as investors recalibrated their expectations for the Federal Reserve’s monetary policy following the release of January

Former Binance CEO Changpeng Zhao Faces Delay In Criminal Sentencing

The sentencing of Binance founder Changpeng Zhao, also known as “CZ,” on a money laundering rule charge has been delayed until April 30, a notice in Seattle federal court disclosed This

Short term holders in profit sent record Bitcoin to exchanges on road to $50k

Quick Take On Feb 12, Bitcoin’s value ascended above $50,000 for the first time since Dec 2021, marking a nearly 20% increase over the past month This surge was accompanied by robust inflows
- Advertisement -spot_img