- ETH price shows signs of relief as price reclaims $1,200, acting as strong support in previous months
- ETH price eyes a rally higher to a region of $1,350 after breaking out of the daily downtrend line
The price of Ethereum (ETH) had a tough time in 2022 despite many speculating a rally to a region of $4,000 after its intended “Ethereum Merge.” The price of Ethereum (ETH) has failed to live up to its expectations, with the Ethereum Merge being a huge catalyst for the price of ETH.
Ethereum (ETH) Weekly (1W) Price Analysis
The price of Ethereum (ETH) has had a difficult time rallying after the Ethereum Merge as the crypto market has suffered so many setbacks with the latest fiasco surrounding the collapse of FTX affecting the price of many altcoins, including the price of ETH.
After rallying to a high of $2,500 on the weekly chart, the price of ETH suffered a major setback as the price was unable to break past this region to a high of $3,000 despite creating mixed feelings for many as traders and investors hoped for a rally to $4,000.
The price of ETH suffered more downtrend with the issues surrounding the FTX saga as the price dropped to a region of $1,140; the price traded in this region for a period as the price reclaimed the region of $1,200 acting as a good support for the price.
If the price of ETH fails to hold the region, we could see the price dropping lower to a region of $1,000, acting as a good demand zone for most buyers and investors.
The price of ETH has formed a descending triangle as the price attempts to breakout, a breakout on the weekly timeframe could lead to more price relief for many traders to a region of $1,700.
ETH Daily Price Analysis On The 1D Chart
The price of Ethereum (ETH) on the daily chart looks good as the price has reclaimed $1,260 support which corresponds to the 50 Exponential Moving Average (EMA) acting as support for the price of ETH.
With more volume setting in, we could see ETH’s price rallying to a region high of $1,350 as it faces resistance to break higher.
Major ETH Price Resistance On The Daily Chart – $1,350
Major ETH Price Support On The Daily Chart – $1,200
